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Alpha Dhabi H1 profit $1.79bn

Adjusted EBITDA rises to $2.36bn.

Borouge Q2 net profit $193m

The H1 revenue stood at $2.72 billion.

ADNOC Drilling H1 revenue $2.37bn

The company posted a net profit of $692m.

Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

Fuel prices hit record highs in Morocco

Petrol prices rose to record highs in Morocco on Thursday.
  • Morocco has seen months of rising prices and growing calls for caps on energy firms' profits
  • The government has so far refused to reinstate fuel subsidies removed in 2015, but has doubled its budget for subsidising cooking gas

Petrol prices rose to record highs in Morocco on Thursday, fuelling anger among unions who demanded the government of energy tycoon Aziz Akhannouch act to protect consumers.

Drivers in Morocco, which relies heavily on imported oil products whose prices have soared since Russia’s invasion of Ukraine, must now pay 18 dirhams ($1.80) for a litre of unleaded petrol and 16 dirhams for diesel.

In an open letter on Wednesday, leading union the Democratic Confederation of Labour (CDT) called on Akhannouch to “urgently intervene to protect the purchasing power of the working class and the population in general, and to take into account how much they are suffering.”

Three other, smaller unions called for a national strike on Monday in the civil service, local authority and the transport sector to protest at rising living costs.

Morocco has seen months of rising prices and growing calls for caps on energy firms’ profits.

Akhannouch himself has come under fire as the main shareholder of Afriquia, one of the country’s main fuel companies.

The government has so far refused to reinstate fuel subsidies removed in 2015, but has doubled its budget for subsidising cooking gas, flour and sugar.

It also said in March it would pay out some $206 million to help out truckers who staged a national strike over spiralling fuel costs.

Government spokesman Mustapha Baitas said Thursday the government was examining adding to those payments but that prices were “linked to the international context” and could surge yet further.

The opposition Socialist Union of Popular Forces has called for lower taxes on consumption and higher corporation taxes