Middle East Economic Survey

VOL. LI

No 51-52

22/29-Dec-2008

EGYPT

Egyptian Petroleum Subsidy Estimated At $12.9Bn In 2007-08

Petroleum product prices in the Egyptian market will not be affected by the fall in the international price of crude oil to below $50/B because these products are sold below cost and do not relate to fluctuations on the international market, Egyptian Minister of Petroleum Sameh Fahmi has said. In fiscal year ending on 30 June 2008, government subsidy for petroleum products...