Egypt's fuel subsidy bill fell 42% Y-o-Y to EGP26 billion in 1H2015/16, down from EGP45 billion in the same period a year earlier, Reuters reported on Thursday, citing an anonymous official. Fuel subsidies are forecast at EGP61 billion for the current fiscal year ending on 30 June. We forecast fuel subsidies to reach EGP68 billion in FY2015/16, falling 7% Y-o-Y as lower oil prices are mitigated by a weakening of the USD-EGP. (Reuters, Mohamed Abu Basha)
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