Petroleum Minister Sherif Ismail has said the Egyptian government does not plan to increase fuel prices in the 2015/2016 fiscal year, according to the Al Borsanewspaper.
"Petroleum-product subsidies are estimated at LE86 billion in the coming fiscal year, up from an expected LE80 billion in the 2014/2015 fiscal year, assuming an average oil price of US$75 per barrel," said Ismail.
The news comes during the current gasoline and diesel crisis which is rumored to result in increases in energy prices.
In early July 2014, fuel prices in Egypt rose by up to 78 percent as the country attempted to decrease the growing budget deficit by cutting energy subsidies.
In January, international credit rating agency Moody's announced that Egypt's spending on fuel subsidies in the current fiscal year could be around 30 percent lower than budgeted, due to lower oil prices worldwide.
Moody's also lowered its Brent oil price forecasts to US$55 per barrel in 2015 and $65 in 2016, which translates to $70 per barrel for Egypt in the 2015 fiscal year until 30 June, and to $60 in the 2016 fiscal year.
