Oil subsidies in cost Egypt $30 million a day
Fuel subsidies in Egypt cost the government $30 million daily, according to the Minister of Petroleum
Egypt's government subsidizes gas oil by around $30 million daily, Minister of Petroleum Osama Kamal said on Sunday.
Daily local consumption of gas oil exceeds 35 thousand tons, the minister said, adding that this amount is sold for 35 million pounds, although its actual cost is 35 million USD.
During his visit to Suez Oil Processing Company (SOPC) on Sunday, the minister stated that the shortage in gas oil stems from the behaviour of the people because consumption surpasses production.
The ministry has taken strict measures to defy attempts to smuggle gas oil, Kamal said.
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