Thanks to a huge natural gas discovery off its coasts, Egypt has just become self-sufficient in this key energy source, welcoming what it hopes to be its last liquefied natural gas (LNG) cargo last week. The country, however, continues to depend on imports for gasoline and diesel. Under a deal for loans from the International Monetary Fund (IMF), the country is overhauling its energy subsidies program, aiming to let fuel prices reach international levels and stop subsidizing fuels by the middle of next year. But rising oil prices—now at levels way above prices that Egypt had factored into its budget and state finances—mean that the government will be spending more on fuel subsidies this fiscal year through June 2019, when it plans to have phased out the support for fuel prices. The higher price of oil may soon pose a dilemma for the government: either risk public discontent by […]