Egypt's fuel subsidy bill falls almost 90% in four years

CAIRO - Egypt's bill for subsidising fuel fell to 17 billion Egyptian pounds ($1.09 billion) from 128 billion pounds four years ago, Prime Minister Mostafa Madbouli said on Thursday.

In April, Egypt's price-setting committee raised domestic fuel prices for the first time since it was formed in October 2019 following the completion of subsidy reforms.

Prices were last raised in July 2019 when Egypt, a net oil importer, finished phasing out subsides on fuel products as part of a reform programme backed by the International Monetary Fund. Prices had remained stable over the past year after being lowered in April 2020 and October 2019.