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
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | News Archive
Most Viewed Companies
Ticker Price Volume
RIBL 11.1 408,710
QNBK 137 56,720
SABIC 83.22 9,564,103
GFH 0.24
SIPCHEM 14.42 390,009
ALMARAI 54.99 272,022
STC 64.16 443,225
Recent News

Central Bank of Bahrain bonds oversubscribed
The latest issue of five-year government development bonds has received subscription to the tune of 113 per cent, the Central Bank of Bahrain (CBB) announced yesterday.

Subscriptions worth

Goods and services set to cost more with VAT rollout
Consumers and businesses in Bahrain need to gear up for the introduction of Valued Added Tax (VAT) from January 1, 2018 which is set to make consumption of goods and services more expensive.

First independent Chinese refiner trades DME Oman
Shandong Chambroad Petrochemicals Co, has become the first independent Chinese refiner to trade Oman crude oil futures on the DME, the leading east of Suez energy exchange. The Chinese government al

National Bank of Oman to offer mortgages on Bausher Heights villas
National Bank of Oman (NBO) announced on Wednesday that it has entered into an agreement to offer mortgages on 16 villas currently being built in the Bausher Heights development in Muscat.

Major initiatives to make a central fisheries hub for the region
Oman is taking several major steps to develop fisheries sector to make the country a hub for the region, said the Minister for Agriculture and Fisheries.

“We are trying to build Oman as a

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?