Egypt petrol subsidy bill down 29 percent

Egypt's spending on petroleum subsidies dropped by 28.7 percent in the 2015-16 financial year to compared to one year earlier, Petroleum Minister Tarek El Molla said on Sunday, a greater decline than previously announced.


Tarek al-Hadidi, head of state oil company EGPC, told Reuters in August that the subsidies had fallen by 23 percent, to 55 billion pounds ($71.36 billion) for the 2015-16 financial year, which ended in June.

Molla said on Sunday that the figure was actually 51 billion pounds.