Egypt's petroleum products subsidy bill will reach EGP66 billion ($12.1 billion) by the end of the fiscal year 2009/10, the state news agency MENA said on Tuesday.

The subsidy bill reached EGP33 billion from the beginning of July until the end of December, the agency quoted Oil Minister Sameh Fahmy as stating.

Fahmy said a national project was needed to liberalise petroleum prices and make subsidies reach only those who need them.-Reuters