UAE Fuel Prices Highest Among GCC: Report

ABU DHABI, July 15 (Bernama) -- The United Arab Emirates (UAE) has become the most expensive country among the six members of the oil-rich Gulf Cooperation Council (GCC) to buy fuel following its latest 20 fils (US$0.05) per liter hike, which came into effect Thursday, Xinhua news agency reported, citing the Emirates Business website.



The new pricing structure saw the lowest grade of petrol, E- Plus, increasing by nearly 28 percent this year alone, following a 15 fils (US$0.04) per liter increase in April, the report said.



It added that the latest rise made the UAE the most expensive nation in the GCC at 1.61 dirham (US$0.43) per liter of fuel.



Emirates Business said that in comparison, in Saudi Arabia petrol costs an average of 55 fils (US$0.15) per liter, followed by Qatar at 70 fils (US$0.19), Kuwait at 95 fils (US$0.26), Bahrain at 1 dirham (US$0.27) and Oman at 1.51 dirham (US$0.41).



Meanwhile, Dubai's Roads and Transport Authority (RTA), which operates Dubai Taxi Corporation, told the website that the increase would not be reflected in its rates, which has a minimum fare of 10 dirhams (US$2.72).



"RTA will not increase the taxi fares in correlation to the petrol price hike. We didn't do it in April either, with the earlier hike," said Peyman Parham Younes, director of Marketing and Corporate Communications for the RTA.



On April 21, petrol prices in the UAE, whose government until now has capped domestic petrol prices, were allowed to increase 15 fils (about US$0.037), or 11 percent, their first rise since 2005, as oil companies push the government to liberalise the tightly-controlled market.



-- BERNAMA

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