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Thndr Claps » EGY Claps » Economy 🏙 » Petrol subsidy bill up by 212% in 2021/2022 ⛽️

Petrol subsidy bill up by 212% in 2021/2022 ⛽️

by Omar El Shorafa
August 30, 2022

The Clap
Egypt’s petrol subsidy bill reached EGP 59 billion during the 2021/2022 fiscal year, a 212% increase from the year before, according to Ahmed Kouchouk, Vice Minister of Finance.

Why the Subsidy Increase
The biggest driver for the increased subsidy bill is the global increase in petrol prices due to the Russia-Ukraine war. Prices for petrol are now, however, gradually declining.

Now What
Egypt aims to drive down its subsidy bill to EGP 28 billion this year.

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