The price of a litre of 80-octane petrol has increased from 8.75 to 10 Egyptian pounds. Getty Images
The price of a litre of 80-octane petrol has increased from 8.75 to 10 Egyptian pounds. Getty Images
The price of a litre of 80-octane petrol has increased from 8.75 to 10 Egyptian pounds. Getty Images
The price of a litre of 80-octane petrol has increased from 8.75 to 10 Egyptian pounds. Getty Images

Egypt raises petrol prices by 14 per cent in second increase this year


Kamal Tabikha
  • English
  • Arabic

Petrol prices in Egypt were raised by more than 14 per cent on Friday, the second increase this year.

The price of a litre of 80-octane petrol increased to 10 Egyptian pounds ($0.28-$0.32) from 8.75 pounds, a Petroleum Ministry statement said.

Buyers of 92 and 95-octane gasoline will now pay 11.50 pounds and 12.50 pounds a litre, respectively, compared with the previous 10.25 pounds and 11.50 pounds.

Diesel prices remained unchanged.

The price increases are expected to lift the cost of most goods at a time when the weakening economy is making it harder for many Egyptians to make ends meet.

Annual headline inflation rose to a record 38 per cent in September, continuing a rise since March when the fuel-pricing committee raised petrol prices by about 14 per cent and maintained diesel prices.

Then on May 4, diesel prices were increased by almost 14 per cent.

Fares for public buses, which run mainly on diesel and natural gas, were also increased.

The Petroleum Ministry estimated those increases would save 16 billion pounds ($517 million) or 20 per cent of the annual diesel subsidies bill.

The Egyptian government had turned to the International Monetary Fund for help, reaching a deal last year for a $3 billion loan to shore up its finances.

The IMF agreed to the deal in return for major reforms, including a flexible foreign exchange regime and the private sector being allowed a greater economic role.

The Egyptian government has budgeted 119.4 billion pounds for fuel and electricity subsidies for the 2023/24 fiscal year.

'Moonshot'

Director: Chris Winterbauer

Stars: Lana Condor and Cole Sprouse 

Rating: 3/5

The specs

Engine: 2.0-litre 4cyl turbo

Power: 261hp at 5,500rpm

Torque: 405Nm at 1,750-3,500rpm

Transmission: 9-speed auto

Fuel consumption: 6.9L/100km

On sale: Now

Price: From Dh117,059

Some of Darwish's last words

"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008

His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.

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Reputation

Taylor Swift

(Big Machine Records)

COMPANY PROFILE
Name: Mamo 

 Year it started: 2019 Founders: Imad Gharazeddine, Asim Janjua

 Based: Dubai, UAE

 Number of employees: 28

 Sector: Financial services

 Investment: $9.5m

 Funding stage: Pre-Series A Investors: Global Ventures, GFC, 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent Silicon Valley investors. 

 
UPI facts

More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions

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Maestro
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UAE currency: the story behind the money in your pockets
Barbie
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Greta%20Gerwig%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Margot%20Robbie%2C%20Ryan%20Gosling%2C%20Will%20Ferrell%2C%20America%20Ferrera%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3Cbr%3E%3C%2Fp%3E%0A
The specs

Engine: 2.0-litre 4-cylinder turbo hybrid

Transmission: eight-speed automatic

Power: 390bhp

Torque: 400Nm

Price: Dh340,000 ($92,579

Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
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Company Fact Box

Company name/date started: Abwaab Technologies / September 2019

Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO

Based: Amman, Jordan

Sector: Education Technology

Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed

Stage: early-stage startup 

Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.

Volunteers offer workers a lifeline

Community volunteers have swung into action delivering food packages and toiletries to the men.

When provisions are distributed, the men line up in long queues for packets of rice, flour, sugar, salt, pulses, milk, biscuits, shaving kits, soap and telecom cards.

Volunteers from St Mary’s Catholic Church said some workers came to the church to pray for their families and ask for assistance.

Boxes packed with essential food items were distributed to workers in the Dubai Investments Park and Ras Al Khaimah camps last week. Workers at the Sonapur camp asked for Dh1,600 towards their gas bill.

“Especially in this year of tolerance we consider ourselves privileged to be able to lend a helping hand to our needy brothers in the Actco camp," Father Lennie Connully, parish priest of St Mary’s.

Workers spoke of their helplessness, seeing children’s marriages cancelled because of lack of money going home. Others told of their misery of being unable to return home when a parent died.

“More than daily food, they are worried about not sending money home for their family,” said Kusum Dutta, a volunteer who works with the Indian consulate.

UAE currency: the story behind the money in your pockets
Updated: November 03, 2023, 9:33 AM`