UAE residents will pay up to 13 fils more per litre for petrol in the New Year, as oil prices continue to hit highs.The UAE Ministry of Energy announced on Tuesday that consumers will pay Dh2.24 a litre for Super 98, a 4 per cent rise from December’s figure of Dh2.15. Special 95 will also increase 4 per cent to Dh2.12 from Dh2.04, and E Plus will cost Dh2.05, up from Dh1.97. Diesel prices will rise to Dh2.33, a 6 per cent hike from last month.The prices are inclusive of VAT, which is being rolled out in January.
It continues an upward trajectory for fuel prices in the UAE, with an increase of about 38 fils on each type since July 2017.For more than two years, the cost of petrol and diesel in the UAE has moved with the market as the Ministry of Energy began its liberalisation policy.The ministry uses “benchmark prices”. Here’s an explainer on how petrol prices are set.Oil prices hit a 2.5 year high overnight, as US crude oil prices spiked to more than $60 a barrel, the highest level since June 2015, after a pipeline exploded in Libya.