Egypt Independent

Egypt seeks to reduce oil product subsidies to 30% in next five years: PM



 Egypt seeks to reduce oil product subsidies to 30 percent over the next five years, Prime Minister Sherif Ismail said on Monday, reversing an earlier decision to fully eliminate the subsidies by that time.

"We respect the previous government's decisions and are committed to them, but there are changes we need to adhere to in the case of oil product subsidies, such as global energy prices and new discoveries among others," he said at a news conference.

 Meanwhile, according to the Deputy Head of EGPC, Mohamed Al-Masry fuel subsidies could fall to LE40 billion in FY16/17 given the drop in oil prices; the GoE has estimated oil p rice at US$75/BBL for FY15/16 while current prices range between $40/billion and $50/BBL