Egypt petrol subsidy drops by 29pct

(MENAFN) Egypt's spending on petroleum subsidies declined by 29 percent in the 2015-16 financial years compared to one year earlier.Accordingly, the subsidies fell by 23 percent, to USD71.36bn for the cited years, which ended in June.Moreover, the government reduced spending on energy subsidies, making local prices of natural gas, diesel and other fuels to rise in 2014.Egypt's 2016-17 budget aims to cut subsidy expenditure further, targeting 35.04bn Egyptian pounds.