March 30, 2015 / 1:53 PM / in 3 years

Egypt spends 30 pct less on fuel subsidies in fiscal H1

CAIRO (Reuters) - Egypt’s fuel subsidy bill for the first half of the current fiscal year fell to 44.8 billion Egyptian pounds ($5.9 billion) from 64.5 billion a year earlier, the finance ministry said on Monday.

An employee holds up a fuel pump nozzle and banknotes after filling up a car at a CO-OP petrol station in Cairo, January 13, 2015. REUTERS/Mohamed Abd El Ghany

The figures are for the six months to December 31, 2014, as Egypt’s fiscal year runs from July 1 to June 30.

Egypt cut fuel subsidies last summer, raising prices of gasoline, diesel and natural gas by as much as 78 percent.

$1 = 7.63 Egyptian pounds

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