The Iraqi government has announced plans to increase the cost of fuel by up to 30 per cent, with the higher prices to come into effect from the start of May.
At its weekly meeting, the cabinet decided to raise the price of premium petrol (95 octane) from 650 Iraqi dinars per litre ($0.50) to 850 Iraqi dinars ($0.65).
Super petrol (98 octane) will be increased from 1,000 Iraqi dinars to 1,250 Iraqi dinars. Regular petrol (low octane) will remain at 450 Iraqi dinars.
The decision has caused frustration among Iraqis feeling the effects of the country's fragile economy and rising costs of living.
"It's a new disaster," said Suleiman Hussein, a politics and economics researcher in Baghdad. "When you increase the petrol price, don't forget to raise the salaries of employees.
Social media influencer Mustafa Emad warned the decision would have a knock-on effect. "With increased petrol prices, the prices of everything – food, medicine and other things – will be increased as well, because it will affect transport," he said.
The government needs instead to focus on fighting against corruption and improving public services, he added. "I warn against staying silent about such decisions. They retaliate against the Iraqi citizens, burdening and shackling them," he said.
Iraqi Prime Minister Mohammed Shia Al Sudani, who has been in office since October 2022, has launched series of projects to rebuild infrastructure and attract foreign investors.
He also promised to fight against endemic corruption and to introduce reforms.
The government also plans to increase taxes and to introduce levies to new sectors, including ride-hailing companies and social media influencers, the general director of the General Commission of Taxes, Ali Waad Allawi, said in a statement this month.
Iraq, Opec’s second-biggest producer after Saudi Arabia, offers fuel subsidies that contribute to the budget deficit. The country’s debilitated refining sector has forced the government to import petroleum products to meet the local demand.
According to Global Petrol Prices, Iraq has been ranked 14 in the list of the world's cheapest petrol prices this month, while Iran has the cheapest price of $0.029 per litre.
In the past, the government has hiked prices to cut the government subsidy bill, freeing up investment for building more refineries, but each move to reduce fuel subsidies causes public backlash.
The government justified the latest decision as part of plans to encourage public transport to reduce traffic congestion and promote the use of gas as an alternative and cheaper fuel for vehicles.
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
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
The Bio
Favourite place in UAE: Al Rams pearling village
What one book should everyone read: Any book written before electricity was invented. When a writer willingly worked under candlelight, you know he/she had a real passion for their craft
Your favourite type of pearl: All of them. No pearl looks the same and each carries its own unique characteristics, like humans
Best time to swim in the sea: When there is enough light to see beneath the surface
MATCH INFO
Serie A
Juventus v Fiorentina, Saturday, 8pm (UAE)
Match is on BeIN Sports
Women’s World T20, Asia Qualifier
UAE results
Beat China by 16 runs
Lost to Thailand by 10 wickets
Beat Nepal by five runs
Beat Hong Kong by eight wickets
Beat Malaysia by 34 runs
Standings (P, W, l, NR, points)
1. Thailand 5 4 0 1 9
2. UAE 5 4 1 0 8
3. Nepal 5 2 1 2 6
4. Hong Kong 5 2 2 1 5
5. Malaysia 5 1 4 0 2
6. China 5 0 5 0 0
Final
Thailand v UAE, Monday, 7am
Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20Ovasave%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20November%202022%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Majd%20Abu%20Zant%20and%20Torkia%20Mahloul%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20Healthtech%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%20Three%20employees%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20Pre-seed%3Cbr%3E%3Cstrong%3EInvestment%3A%3C%2Fstrong%3E%20%24400%2C000%3C%2Fp%3E%0A
Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures
Slow loris biog
From: Lonely Loris is a Sunda slow loris, one of nine species of the animal native to Indonesia, Malaysia, Thailand and Singapore
Status: Critically endangered, and listed as vulnerable on the International Union for Conservation of Nature red list due to growing demand in the global exotic pet trade. It is one of the most popular primate species found at Indonesian pet markets
Likes: Sleeping, which they do for up to 18 hours a day. When they are awake, they like to eat fruit, insects, small birds and reptiles and some types of vegetation
Dislikes: Sunlight. Being a nocturnal animal, the slow loris wakes around sunset and is active throughout the night
Superpowers: His dangerous elbows. The slow loris’s doe eyes may make it look cute, but it is also deadly. The only known venomous primate, it hisses and clasps its paws and can produce a venom from its elbow that can cause anaphylactic shock and even death in humans
Our legal consultant
Name:Â Hassan Mohsen Elhais
Position:Â legal consultant with Al Rowaad Advocates and Legal Consultants.
More coverage from the Future Forum
Defence review at a glance
• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”
• Prioritise a shift towards working with AI and autonomous systems
• Invest in the resilience of military space systems.
• Number of active reserves should be increased by 20%
• More F-35 fighter jets required in the next decade
• New “hybrid Navy” with AUKUS submarines and autonomous vessels
