Diesel price in Dubai climbs by 30 fils per gallon at the pump


29/08/2009 00:00 AST

Dubai oil retailers have increased the price of diesel at the pumps by Dh0.30 per gallon following a sharp increase in international oil prices in recent weeks.

"The price of diesel has been increased to Dh10.20 per gallon from Dh9.90 per gallon," an Emarat filling station source told Gulf News.

The new diesel price was confirmed by an attendant at an Eppco pump.

The emirates three oil retailers - Enoc, Eppco and Emarat - purchase diesel at international prices and adjust the local prices, based on the landed price of the oil product. Diesel is widely used in the UAE as a transportation fuel and its prices have a direct bearing on inflation.

The latest upward price revision is the oil retailers second diesel price increase in less than three months.

The price of diesel in Dubai was last increased on June 8.

Diesel prices in Dubai were lowered regularly after international oil prices began falling from an all-time high of $147.27 a barrel touched on July 11 last year.

The crude prices fell due to the onset of global econ-omic crisis.

The decline in oil prices was triggered by fears of a long recession in the world economy.

However, after hitting a low of below $33 per barrel in December, oil prices have been on the rebound, the surge being led by signs of recovery in the global economy.

Yesterday on the New York Mercantile Exchange, crude oil futures for October delivery in the US were hovering around $71 a barrel in early trading.

The US is the worlds largest importer of crude oil. The pattern of petroleum products consumption in the US has a direct bearing on international crude oil prices.

Gulfnews
Economic and Business News
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | News Archive
Most Viewed Companies
Ticker Price Volume
GFH 0.5 420,000
QNBK 135 81,525
DANA 0.67 50,123,697
SABIC 98.6 1,941,498
BKSB 0.14 131,375
ALINMA 16.48 16,115,029
EEC 18 459,427
Recent News

CMA approved public offering of Alinma Makkah Real Estate Fund
The CMA has issued its resolution approving the public offer, by "Alinma Investment Company", of "Alinma Makkah Real Estate Fund ".

An Investment decision without reading the Terms and Cond

GCC project awards to stay steady at $117bn this year
The total value of contract awards in the GCC projects market this year is expected to stay steady at $117 billion compared to last year, a report said.

The GCC projects market had a mute

No ban on Qatari riyal exchange, Saudi says
Saudi Arabia’s central bank said on Sunday it has not banned trading in the Qatari riyal after the country severed diplomatic ties with Doha more than two months ago and clarified that visiting Qata

Saudi Arabia’s stocks rise for third day on Al Rajhi gains
Stocks in Saudi Arabia, the region’s biggest equity market, rose for a third day boosted by gains in the kingdom’s largest lender by market capitalisation.

Benchmark indexes in other GCC m

Dana Gas moves to lift court injunction in sukuk case
Dana Gas, a Sharjah-based oil and gas exploration firm, has filed an application with the emirate’s Federal First Instance Court to lift an injunction, protecting it against claims related to its US$

GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend

Poll

Looking ahead, what change you are more likely to make in investing in your domestic stock market?