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UAE to hike fuel prices for third straight month in October

UAE to hike fuel prices for third straight month in October

Prices in the country are linked to international oil rates

The UAE will hike fuel prices for the third straight month in October under rates confirmed by Emirates National Oil Company (ENOC) on Twitter.

The price for Super 98 has been increased 0.77 per cent from Dhs2.59 per litre to Dhs2.61 and Special 95 is up 0.8 per cent from Dhs2.48 to Dhs2.50.

While the most substantial increase will be seen for diesel, up 4.35 per cent from Dhs2.64 to Dhs2.76.

All rates are inclusive of VAT.

The increases make October the second most expensive month for petrol this year behind June, when Super 98 cost Dhs2.63.

The country’s pricing is based on international oil rates.

Brent crude hit a four-year high of more than $82 a barrel earlier this week due to concerns that looming US sanctions on Iran will impact global oil supplies.

Read: Oil hits four-year high as US sanctions on Iranian crude loom

Some merchants have indicated oil prices could hit $100 a barrel by year end, which would mean a potential 20 per cent price increase from current fuel rates for UAE motorists.

Read: Oil could rise to $100 by year-end, merchants warn

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