Arab Finance: Subsidies for petroleum products in Egypt surpassed EGP 100 billion ($2 billion) in the first 10 months of the current fiscal year (FY) 2023/2024, Minister of Finance Mohamed Maait told Asharq Business.

In FY 2022/2023, petroleum subsidies soared 109% year on year (YoY) to EGP 125 billion, compared to EGP 59.8 billion in FY 2021/2022.

The government targets fuel subsidies to amount to EGP 120 billion for the current FY and EGP 155 billion for FY 2024/2025.

A report by the Central Agency for Public Mobilization and Statistics (CAPMA) for FY 2019/2020 showed that Egypt consumes around 12 million tons of diesel and 7.2 million tons of gasoline annually.

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