The Petroleum Ministry has requested that the Finance Ministry appropriate extra funds for fuel subsidies, which will cost more than EGP 70 bn this fiscal year, unnamed sources from the Petroleum Ministry tell Al Borsa. The current budget allocates around EGP 35 bn to fuel subsidies, but the float of the EGP and a spike in oil prices to north of USD 55 from USD 40 have pushed subsidy costs to double, according to the sources.

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