Arab Finance: Egypt’s petroleum subsidies surged by 290% year-on-year (YoY) to EGP 66 billion for the first half (H1) of fiscal year (FY) 2022/2023 due to the liberalization of the pound, a government official told Asharq Business on February 25^th.

The official’s remarks came in light of the absence of the Egyptian Fuel Automatic Pricing Committee’s quarterly announcement, which was supposed to occur in January.

In H1 of FY 2021/2022, petroleum subsidies did not exceed EGP 17 billion.

In January, a government official expected the fuel subsidy bill to surpass EGP 100 billion in FY 2022/2023 if the local prices of petroleum products remained at their current levels.

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