Oil subsidies in cost Egypt $30 million a day
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.
- Tunisian, Moroccan Chambers of Commerce meet to discuss economic partnership
- Winter wonderland: Dubai debuts Aspen Chalets with view of Ski Dubai
- Egyptian economic experts predict inflation rate will continue to climb
- Shoura Council: Expats cannot buy property in Mecca, Medina, Riyadh
- Tensions increase between Egypt, Italy over renewable energy projects