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

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