Motorists to bear another fuel hike

The motorists will be paying up to 10.62 per cent more for buying fuel from June 1.
The gasoline prices for the next month will rise by 4.99 per cent, while diesel will be expensive by 10.62 per cent, said the high level committee of the Ministry of Energy that met to review the recent rise in oil prices on the international markets.
The unleaded gasoline 98 price rose 4.49 per cent to Dh1.86 a litre; unleaded gasoline-91 surged 4.79 per cent to Dh1.75 a litre; unleaded-91 increased 4.99 per cent to Dh1.68 a litre for June. Diesel will be costlier by 10.62 per cent to Dh1.77 per litre.
The committee on petroleum prices meets on every 28th of the month to fix the prices for next month. Its decisions are based on the average monthly prices of the previous month that showed rising trend in the international markets.
The Opec Basket price rose 19.99 per cent in May 2016 to $42.94 a barrel from $37.86 a barrel in April.
A high level committee has decided to share the impact of rise in oil prices with the motorists who will now pay up to 10.62 per cent for filling their fuel tanks. The committee meeting, chaired by Mattar Al Nayadi undersecretary and participated by the CEOs of oil distributing and marketing companies, decided to increase the prices in line with the rise in oil prices.
With the recent rising trend in the oil prices have inflationary.
On May 24, Statistics Centre Abu Dhabi said in its Consumer Price Index reported that inflation in the emirate surged 2.4 per cent in April when compared with the same period last year, as 'housing, water, power, gas and other fuels' continued to put pressure on prices. The housing, water, electricity, gas and other fuels group accounted for the largest rise in the index during for first four months of the year, contributing 82.6 per cent age points as a result of an increase of 7.5 per cent in the prices of this group, the statistics gathering agency said.
- haseeb@khaleejtimes.com