The Egyptian oil and gas sector secures petroleum products worth $1.1 billion on a weekly basis in order to cover the local consumption.
The Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, stated that the cost of fuel subsidy will increase to EGP 64b during fiscal year 2016/2017 after the current devaluation.
The Egyptian Ministry of Petroleum increased petrol price early November in a move to alleviate fuel subsidy expenditure within the country's economic reform program. The government has implemented the new prices upon announcing the change.
Nigeria will reduce gasoline costs and scrap a fuel subsidy under a pricing mechanism to come into effect from January.