Egypt
Egypt raises estimates for crude oil prices for FY2023/24
Published on : 2024-02-12
Egypt has raised its estimates for Brent crude oil price by 6.25% in the current fiscal year’s (FY) budget to $85 per barrel, as per the country’s economic indicators semi-annual report.
Earlier in December, it was reported that the government raised the petroleum products targeted subsidy by 9% for this FY to EGP 130 billion.
This came on the back of the devaluation of EGP against USD and its impact on monthly import costs.
