Egypt increased fuel prices on Thursday as part of a plan to gradually remove subsidies by December 2025, the official gazette reported, following a speech by Prime Minister Mostafa Madbouly detailing the state's intentions.
The move comes amid continuing power cuts that have sparked discontent among citizens.
According to the gazette, petrol prices increased by up to 15 per cent per litre, with 80 octane rising to 12.25 Egyptian pounds ($0.25) from 11 pounds, 92 octane to 13.75 pounds from 12.50 and 95 octane to 15 pounds from 13.50. The price of diesel was set at 11.5 pounds a litre, up from 10 pounds.
Egypt has been implementing an International Monetary Fund-backed economic reform programme since 2022, which saw it devalue its currency four times and substantially cut food and energy subsidies, though some remain in place.
The IMF says that as subsidies are reduced, those remaining can be better “targeted” to help the poorest families.
Thursday’s fuel price rises were a key requirement of the IMF for the disbursement of the third tranche of Egypt's loan, amounting to $820 million, financial analysts told The National.
The third review of the country’s reform programme was postponed from July 10 to July 29 while the fund waited for the prerequisite lifting of subsidies on food and fuel to be implemented.
This is the second time the government has raised fuel prices since the IMF expanded its loan programme by $5 billion in March. Egypt has committed to slashing fuel subsidies as part of the agreement.
In April, the IMF estimated that Egypt will spend 331 billion Egyptian pounds ($6.85 billion) on fuel subsidies in 2024/25 and 245 billion Egyptian pounds in 2025/26.
The government's efforts to lift subsidies have been met with resistance from citizens who say their living costs have been soaring in recent years. The situation has been exacerbated by continuing power cuts, which have disrupted daily life and sparked anger among Egyptians.
Despite Mr Madbouly's promise last week that unpopular daily power cuts would cease until September, residents across the country say these have continued.
The government attributes the power cuts to record high consumption and technical malfunctions, but many citizens view these explanations as excuses.
Some experts say that reducing subsidies will, in the long run, create a virtuous circle of new investment in the electricity sector, eventually eliminating power cuts.
However, the government must navigate a precarious path between meeting the IMF's requirements and managing public discontent in the short term.
The fuel price increases, while necessary for securing the IMF funds, may further strain the relationship between the government and its citizens.
KEY DEVELOPMENTS IN MARITIME DISPUTE
2000: Israel withdraws from Lebanon after nearly 30 years without an officially demarcated border. The UN establishes the Blue Line to act as the frontier.
2007: Lebanon and Cyprus define their respective exclusive economic zones to facilitate oil and gas exploration. Israel uses this to define its EEZ with Cyprus
2011: Lebanon disputes Israeli-proposed line and submits documents to UN showing different EEZ. Cyprus offers to mediate without much progress.
2018: Lebanon signs first offshore oil and gas licencing deal with consortium of France’s Total, Italy’s Eni and Russia’s Novatek.
2018-2019: US seeks to mediate between Israel and Lebanon to prevent clashes over oil and gas resources.
History's medical milestones
1799 - First small pox vaccine administered
1846 - First public demonstration of anaesthesia in surgery
1861 - Louis Pasteur published his germ theory which proved that bacteria caused diseases
1895 - Discovery of x-rays
1923 - Heart valve surgery performed successfully for first time
1928 - Alexander Fleming discovers penicillin
1953 - Structure of DNA discovered
1952 - First organ transplant - a kidney - takes place
1954 - Clinical trials of birth control pill
1979 - MRI, or magnetic resonance imaging, scanned used to diagnose illness and injury.
1998 - The first adult live-donor liver transplant is carried out
Profile of RentSher
Started: October 2015 in India, November 2016 in UAE
Founders: Harsh Dhand; Vaibhav and Purvashi Doshi
Based: Bangalore, India and Dubai, UAE
Sector: Online rental marketplace
Size: 40 employees
Investment: $2 million
Company profile
Name: Steppi
Founders: Joe Franklin and Milos Savic
Launched: February 2020
Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year
Employees: Five
Based: Jumeirah Lakes Towers, Dubai
Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings
Second round raised Dh720,000 from silent investors in June this year
SHOW COURTS ORDER OF PLAY
Wimbledon order of play on Tuesday, July 11
All times UAE ( 4 GMT)
Centre Court
Adrian Mannarino v Novak Djokovic (2)
Venus Williams (10) v Jelena Ostapenko (13)
Johanna Konta (6) v Simona Halep (2)
Court 1
Garbine Muguruza (14) v
Svetlana Kuznetsova (7)
Magdalena Rybarikova v Coco Vandeweghe (24)
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
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Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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