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UAE petrol prices up over 6% in January

UAE petrol prices up over 6% in January

The cost of diesel has also been hiked by nearly 7.2 per cent

The UAE Ministry of Energy has announced a hike in fuel prices for January.

Petrol prices for January 2017 will stand at Dhs1.91 per litre for Super 98 – up 6 per cent from Dhs1.80 in December; Dhs1.80 per litre for Special 95 – up 6.5 per cent from Dhs1.69 last month; and Dhs1.73 per litre for E Plus-91 – an increase of almost 6.8 per cent compared to Dhs1.62 in December.

The cost of diesel has also been hiked by 7.18 per cent to Dhs1.94 per litre, from Dhs1.81 in December.

Oil prices have been increasing in the last month after the Organization of Petroleum Exporting Countries (OPEC) and several non-OPEC producers agreed in early December to reduce production by almost 1.8 million barrels per day (bpd).

The deal comes into effect from January 1 and is expected to curb supply in the market.

Brent crude, currently hovering around the $55 per barrel mark, even reached $57.89 per barrel on December 12, its highest since July 2015.

Also read: How Saudi, Russia and Iran got the OPEC deal done

Oil price rally over OPEC deal is likely to be short-lived

Saudi to cut Jan crude prices to Asia after OPEC deal

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