Egypt fuel subsidies expected to rise to $12bn

Egyptian oil minister has said that fuel subsidies may rise to EGP66bn ($12bn) in the current fiscal year to June 30, from EGp52.7bn in the previous fiscal year, Reuters has reported. The subsidies, which were EGP1.2bn ten years ago, are at an 'unsustainable level, which throws a significant burden on the petroleum sector', in which state-owned firms play a major role, the minister was quoted as saying. The government will keep the current fuel subsidy system unchanged, 'but for the long term we have a strategy', he added.