Egypt’s fuel subsidy bill drops by 69% year on year July-Sept: Minister

CAIRO, Dec 8 (Reuters) – Egypt’s spending on fuel subsidies dropped by about 69 percent year on year to 7.25 billion Egyptian pounds ($451 million) in July-September, Petroleum Minister Tarek al-Molla said on Sunday.

Egypt’s spending on fuel subsidies stood at 23.25 billion pounds in same period in 2018. Over the past three years, Egypt has phased out subsidies on most fuel products as part of an IMF-backed economic reform program.

(Reporting by Ahmed Ismail; Writing by Aidan Lewis; Editing by Edmund Blair)

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