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Originally from New Zealand, Steve Ashby formed ‘Rise,’ a community-driven initiative aimed at raising awareness and supporting those affected
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Diesel Price to Rise by 5pc Today
DUBAI - The price of diesel fuel will rise today for the first time since July, edging upward by 5.3 per cent to Dh9.90 per gallon in Dubai and the Northern Emirates. Petrol prices, however, will remain stable, fuel companies said on Sunday.
Leading diesel retailers in Dubai and the Northern Emirates have reached an agreement to raise diesel price by 50 fils from Dh9.40 as a result of a steady surge in global oil prices, which crested above $69 a barrel on Sunday.
“Effective Monday, diesel price will be raised for the first time in almost a year. Since July, diesel price has been cut 16 consecutive times to match with the international oil price decline,” said Khalid Hadi, group brand and marketing manager for Enoc and Eppco, two leading diesel distributors in Dubai and Northern Emirates.
From a peak of Dh19.25 per gallon in July, when global crude prices touched a record high of $147.27, the price of diesel dropped by a cumulative 51 per cent to Dh9.40 in March.
“We kept the price at that level for the past two months despite a rally in international oil price by absorbing a part of the increase,” Hadi said.
However, diesel price will remain at Dh8.60 per gallon at all Abu Dhabi-based Adnoc filling stations, where the price has been kept relatively low regardless of international oil price fluctuations.
“After a slow and steady plunge for the past 11 months, (the) diesel price has begun to rally, stoking fears of a new inflationary trend. We will soon be seeing once again long queues of heavy vehicles waiting to fill (up with) cheap diesel at Adnoc stations in Abu Dhabi and Northern Emirates,” said a spokesman of a transport company who did not want to be identified.
Adnoc does not have operations in Dubai. The price of petrol has remained steady for years at Dh6.25 per gallon for Special (octane 95) and Dh6.75 per gallon for Super (octane 98), despite volatility in global oil prices. Petrol prices will continue to hold as they are being indirectly subsidised by the government.
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