The hike in Brent crude oil prices will affect fuel subsidies in Egypt, as well as the exchange rate and consumption volume, the petroleum minister said on Tuesday.
The rising global oil prices will raise fuel subsidies bill in the most populous Arab country, Tarek El-Molla added in a statement.
Egypt imports 30% of its needs of petroleum products, the minister indicated.
The petroleum ministry is working on boosting gas and oil output to reduce imports and eliminate risks of fluctuated oil prices, he stressed.
The Egyptian government cut fuel subsidies for the current fiscal year to EGP 89 billion from EGP 110 billion.
This came on the sidelines of El-Molla’s participation in the 11th edition of an Arab energy conference held in Marrakesh.
Global gas and oil prices are currently volatile, which in return impact the economies of oil exporters positively and negatively, El- Molla highlighted.