Egypt's fuel subsidy bill drops 65% in 9 months through March: official

CAIRO - 10 May 2020: Egypt’s spending on fuel subsidies dropped by about 65 percent to LE 21 billion ($1.34 billion) in July-March, a petroleum ministry official told Reuters on Sunday.

Egypt spent LE 60.1 billion on fuel subsidies in the same period a year earlier. Over the past three years, Egypt has phased out subsidies on most fuel products as part of an IMF-backed economic reform programme. ($1 = 15.6900 Egyptian pounds)