Fuel subsidy spending falls 30% in FY 2018/2019, beating gov’t targets

Fuel subsidy spending falls 30% in FY2018-2019, beating gov’t targets: The government’s fuel subsidies bill fell 30% in FY2018-2019, beating spending targets outlined in the state budget, an Oil Ministry official told Reuters. Fuel subsidy spending last year came in at EGP 85 bn, EGP 4 bn lower than the budget target. In comparison, the government spent EGP 120.8 bn in FY2017-2018. The FY2019-2020 budget anticipates subsidy costs to fall to EGP 52.96 bn in the current fiscal year, after the government raised fuel prices by up to 30% at the beginning of July.