Egypt’s fuel subsidies decline 2% YoY in FY2022/23

Petroleum subsidies in Egypt dropped by 2% year on year (YoY) to EGP 58 billion during the elapsed fiscal year (FY) 2022/2023, Asharq Business reported on July 25th, citing unnamed three government sources.

However, they climbed by about 107% over the budget target of EGP 28 billion.

Fuel subsidies in Egypt amounted to EGP 66 billion during the first half (H1) of FY 2022/2023 and rose further to EGP 78 billion in the first nine months of the same FY.

In May, Egypt’s Fuel Pricing Committee decided to raise diesel fuel prices by EGP 1 to EGP 8.25 per liter while fuel prices remained unchanged.

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