Egypt raises estimates for crude oil prices for FY2023/24

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Earlier in December, it was reported that the government raised the petroleum products targeted subsidy by 9% for this FY to EGP 130 billion

Staff Writer, Arab Finance

February 9, 2024

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Egypt has raised its estimates for Brent crude oil price by 6.25% in the current fiscal year’s (FY) budget to $85 per barrel, as per the country’s economic indicators semi-annual report.

Earlier in December, it was reported that the government raised the petroleum products targeted subsidy by 9% for this FY to EGP 130 billion.

This came on the back of the devaluation of EGP against USD and its impact on monthly import costs.

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