EGP float drives fuel subsidy spending up 135.3% y-o-y

The EGP float has driven fuel subsidy costs up by 135.3% y-o-y, Oil Minister Tarek El Molla tells Reuters. Fuel subsidy costs increased to EGP 120 bn in FY 2016-17 from the EGP 51 bn spent in FY 2015-16. The government is projecting that spending on fuel subsidies will record EGP 110 bn in FY 2017-18.