Petrol prices in the UAE will increase further next month in line with recent rises in the oil price, the Ministry of Energy confirmed on Thursday.
From the start of next month, Super 98 will increase from Dhs 1.62 to Dhs 1.78, Special 95 will increase from Dhs 1.51 to Dhs 1.67, E Plus will increase from Dhs 1.44 to Dhs 1.60 and diesel will increase from Dhs 1.56 to Dhs 1.60.
The increases are inline with a 70 per cent rise in the oil price from lows of $30 a barrel in January and February to a 2016 high of above $47 a barrel today.
Brent last reached this level in November last year.
Since introducing the new fuel pricing system linked to global rates in July 2015 the price of petrol has gone up by 29 per cent and the price of diesel has reduced by 24 per cent.
The country had seen seven consecutive months of price declines before April
Analysts have predicted that supply disruptions in Venezuela, strong investor appetite and a weakening dollar could push prices higher in the months ahead.
“We … appear to be at the beginning of a bull market,” US investment bank Jefferies said on Thursday, according to Reuters.