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


29/08/2009 00:00 AST  Gulfnews

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.

Economic and Business News
2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | News Archive

JAN | FEB | MAR | APR
Most Viewed Companies
Ticker Price Volume
RIBL 34.89 728,914
GFH 0.21
SECO 14.87 5,329,459
ADIB 6.8 2,115,877
DARALARKAN 12.08 13,082,278
NBAD 14.9 493,665
DIC 3.91 13,158,942
Recent News

Inflation in Consumer Price Index
Inflation Rate in the Emirate of Dubai rise to record 2.59% in the First Quarter of 2014 compared to the same period of 2013. This is due to an increase in the prices of goods and services as follows

NBK well positioned to take advantage of new business opportunities
Moody’s Investors Service said that National Bank of Kuwait (NBK) is well positioned to take advantage of new business opportunities as the Kuwaiti government’s development plan begins to gain tracti

Green bond market in 2014 set to exceed 2013
Laying out the landscape for green financing in a session titled Private Financing for the Green Economy, Zoe Knight, Head of Climate Change Centre of Excellence at HSBC, remarked, “The green bond ma

Commercial Bank of Dubai signs MoU with Hamriyah Free Zone Authority
Dr. Rashid Al Leem, Director General Sharjah Department of Seaports & Customs and Sharjah Free Zones Authority, and CBD Deputy General Manager-Head of Commercial Banking Abdul Rahim Abdul Aziz Al Nim

Emirates NBD Research: UAE CPI - Inflation ticks steadily higher
“Surprisingly, ‘furnishing & household equipment’ prices jumped nearly 1.0 per cent m/m (3.6 per cent y/y) in March, and over the whole of Q1 2014 this component of the CPI has seen the biggest price

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

Poll

Are you satisfied with your full-service broker?