Egyptian government to keep domestic petrol prices unchanged
by ChemOrbis Editorial Team - content@chemorbis.com
According to local media sources, Egypt’s Petroleum Minister Sherif Ismail revealed that the Egyptian government does not plan to change the price of domestic petroleum during the fiscal year of 2015/2016 given lower Brent oil prices as well as rough economic conditions that Egyptian citizens have to bear with.
However, the minister added, “The government’s liberalization plan for fuel prices remains the same and will not necessarily change. It is expected to be implemented over the next five years, but work to implement the plan has started in the current fiscal year.”
According to the Ismail, the fuel subsidy bill for the fiscal year of 2014/2015 has decreased to EGP80 billion ($10.5 billion), instead of EGP100 billion ($13.1 billion) due to the Brent price decrease.
However, the minister added, “The government’s liberalization plan for fuel prices remains the same and will not necessarily change. It is expected to be implemented over the next five years, but work to implement the plan has started in the current fiscal year.”
According to the Ismail, the fuel subsidy bill for the fiscal year of 2014/2015 has decreased to EGP80 billion ($10.5 billion), instead of EGP100 billion ($13.1 billion) due to the Brent price decrease.
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