Pogacar took his fourth stage victory to go around 6min 41sec clear with six stages remaining
sports7 hours ago
The UAE Ministry of Energy has increased petroleum prices for April. The price of E-Plus 91 will be Dh1.44 a litre, Super 98 will cost Dh1.62 a litre, Special 95 would be available at Dh1.51 and diesel will cost Dh1.56.
Special 95 rose 11 per cent to Dh1.51 a litre; Super 98 climbed 10.2 per cent to Dh1.62 and E-Plus 91 is up 11.6 per cent to Dh1.44 a litre. Diesel rose 11.43 per cent to Dh1.56 a litre from Dh1.4 a litre in March.
A high-level committee chaired by the Undersecretary of the Ministry of Energy, which was attended by the CEOs of oil marketing and distribution companies, on Monday reviewed the rise and fall of oil prices in the international markets in the past month.
The Opec basket prices on March 16 rose to $34.58 a barrel from $28.72 a barrel in February. In March 2015, the Basket price was $52.46 a barrel.
According to the latest Press release from the National Bureau of Statistics (NBS), the consumer price index in the UAE increased 2.2 per cent year on year in February 2016, primarily driven by the cost of housing and utilities.
In terms of relative contribution, housing and utilities contributed to almost the entire inflation, said Alp Eke, senior economist at the National Bank of Abu Dhabi.
The Ministry of Energy had announced in July 2015 that starting from August 1, petrol prices would be de-regulated and adjusted as per the international benchmark. Eke said the share of transportation to the UAE CPI had spiked in August and September following the de-regulation.
The price of Brent has increased to $40 from $28 on January 20 this year. "We can expect the transportation sector's contribution to increase too," he added.
As the US dollar continues to appreciate, inflation in the UAE is declining, especially imported inflation, the senior economist said.
The consumer price index has 12 categories and the weights are determined based on household spending surveys, he said.
For an average UAE household, the spend on transportation is 11 per cent of the budget. "This is not only the petrol price that we pay at the pump, but also included in food. It is included in almost every category in small proportions, especially food," Eke said.
"In the UAE, an average household spends at least 20 per cent on petrol and related categories," Eke added.
With the recent hike in petrol prices, it will be reflected in the April CPI. A similar spike was seen in August and September, he said.
Taking inspiration from the UAE, other GCC nations have introduced reforms in petroleum prices and substantially increased the cost of petroleum products.
haseeb@khaleejtimes.com
Pogacar took his fourth stage victory to go around 6min 41sec clear with six stages remaining
sports7 hours ago
The ruler will undergo a treatment plan consisting of antibiotics
gulf8 hours ago
The Ministry affirmed its stance and solidarity with Iranian people during this critical time
uae8 hours ago
His final match as manager ended in a 2-0 win at home to Wolves
football8 hours ago
The Abu Dhabi-owned City won an unprecedented fourth straight English top flight title with a 3-1 win over West Ham United
football9 hours ago
Iranian rescue teams are scouring a fog-shrouded mountainside after an accident happened to the helicopter transporting Iranian president
mena9 hours ago
Chasing 215 for victory against Punjab, Hyderabad reached the target with five balls to spare at their home
cricket10 hours ago
The Copernicus Emergency Management Service provides mapping products based on satellite imagery
mena10 hours ago