Egypt says lower oil prices to slash energy subsidies bill by 30 pct

Egypt expects to slash its energy subsidies bill by 30 percent in the 2014-15 fiscal year if global oil prices remain low, the oil ministry said on Monday, potentially lightening the burden on the cash-strapped country's finances.

Global oil prices have dropped dramatically over the past six months. Benchmark Brent crude, was trading at $60.66 per barrel on Monday, down more than 46 percent from the year's peak in June above $115.

"If low world oil prices continue during the second half (of the fiscal year) it is estimated that the year's total petroleum subsidies bill will decrease by about 30 billion Egyptian pounds ($4.2 billion)," the ministry said in a statement on Monday.