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Friday, January 30, 2015
The Egyptian government is considering putting billions of pounds back in its coffers in the next fiscal year by reducing fuel subsidies once again. According to the country’s Investment Minister Ashraf Salman, the government will need to consider the social implications before making a firm decision on subsidies.
Subsidies on gasoline, diesel, and natural gas were cut in mid-2014 which caused a furor with the country’s citizens who are used to cheap petrol.
In a statement Salman said the government may aim to cut fuel subsidies to 80 billion pounds in the fiscal year starting June 30, instead of the 100 billion pounds it has on the agenda now. He said that the reduction will come through using a smart card system meant to better monitor fuel consumption in the country.
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