Egypt will cut fuel subsidies by 43% to reduce budget deficit

[에너지신문] April 2016 - The government of Egypt has approved a 43% cut in fuel subsidy spending in the 2016-2017 budget, due to lower global energy costs, in an attempt to reduce the budget deficit (11.5% in the 2015-2016 fiscal year, expected to improve to 9.8% in 2016-2017).

State energy subsidies will fall from about EGP 61bn (US$6.9bn) in 2015-2016 to EGP 35bn (US$3.9bn), with the bulk of the reduction in spendings related to lower international oil prices.

Egypt had cut energy subsidies in mid-2014, causing domestic prices of gas, diesel and other fuels to soar by as much as 78%, arousing fierce protestations from consumers.

http://www.enerdata.net/enerdatauk/press-and-publication/energy-news-001/egypt-will-cut-fuel-subsidies-43-reduce-budget-deficit_36805.html