The Egyptian government has raised the targeted fuel subsidies for the current fiscal year (FY) 2023/2024 by 9% to EGP 130 billion, a government official told Asharq Business.

This increase is attributed to the devaluation of the Egyptian pound against the US dollar, which led to high import costs for monthly petroleum imports, the official highlighted.

It is worth noting that the country was previously targeting $119.4 billion in fuel subsidies for the current FY.

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