An Official at the Egyptian oil and gas sector stated to Egypt Oil&Gas that the $800m import bills of petroleum derivatives increased by $50m per day as the USD exchange rate had reached EGP 18. This rise indicated that the possibility of increasing the amounts allocated for energy subsidies in 2017/208 budget is 100%.
The Official added that local refineries can help decrease the importing bills adding that Egypt’s economy cannot afford a $100b for energy subsidies in the new budget. He explained that the Egyptian General Petroleum Corporation (EGPC)is working on avoiding any fuel crisis before Summer, during which daily consumption increase by 30%.
The official informed that the main goal for the Ministry of Petroleum ad Mineral Resources is to pay arrears due for international oil companies before a new USD price hike.