Egyptian Minister of Finance, Amr El-Jarhi, stated that fuel and electricity subsidies are flawed and assured that moving the prices will aid in rebalancing the system
Dana Gas said that total receivables in Egypt increased in the first quarter of fiscal year 2017 to $283m, compared to $265m in Q1-16.
Fuel subsidy increased well above EGP 110b, from an estimated EGP 35b in the budget.
The Egyptian Cabinet is having talks over the amounts allocated for fuel subsidies in the new budget of FY 2017/2018.
Egypt's draft 2015/2016 budget earmarks 61 billion Egyptian pounds ($8 billion) for fuel product subsidies, Tarek El Molla, chairman of state-run Egyptian General Petroleum Corp (EGPC), said in a statement on Saturday.