UAE oil prices to rise in December, hitting over 2-year high

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In line with the rise in the global crude prices, petrol and diesel prices in the UAE will rise in December 2017, hitting 28-month high.

According to the Ministry of Energy, the price of 98 unleaded gasoline will increase by approximately six per cent ? or 12 fils – to Dh2.15 while 95 unleaded gasoline will cost Dh2.04 next month as compared to Dh1.92 this month – an increase of over six per cent or 12 fils per litre.

Similarly, 91 unleaded gasoline will cost 12 fils more next month with new price set at Dh1.97 per litre as against Dh1.85 this month, an increase of 12 fils or 6.5 per cent.

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Diesel rates have been hiked by nine fils to Dh2.20 for December, according to the Ministry of Energy.

The highest prices that the UAE motorists had to pay was in August 2015, the first month after the deregulation, when 98 unleaded gasoline and 95 unleaded gasoline were priced at Dh2.25 and Dh 2.14 per litre – respectively.

S&P Global Ratings on Tuesday raised its price forecast for Brent crude oil for 2018 to $55 while WTI remains unchanged at $50.

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“We note that Brent has been trading above $60 per barrel since October 27, 2017, having closed at that price on September 25 for the first time since July 2015. As present, futures prices remain above $60 a barrel until November 2018. We believe the price increases reflect ongoing Opec production cuts, supply disruptions, and temporary production declines as well as positive market sentiment about about demand,” S&P said in a note on Tuesday.

Source Credit: Khaleej Times

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