The government is planning the total abolition of subsidies for petroleum products by 2018, with official sources saying gasoline and diesel would be distributed using coupons over five years, and prices of 95 octane gasoline would be raised gradually.
Speaking on condition of anonymity, the sources said the government is holding intensive meetings this month to discuss the plan submitted by the General Petroleum Authority to lower the budget deficit by reducing energy subsidies from LE111 billion to LE108.9 billion this fiscal year.
“The ordinary citizen does not benefit from the current subsidy system,” said Hany Dahy, head of the authority.
Edited translation from Al-Masry Al-Youm
