UAE petrol prices to increase for December

The National -- UAE residents will pay around 12 fils more per litre for petrol starting on Friday as oil prices hit a new two-year high earlier this month.

The UAE Ministry of Energy announced on Tuesday that consumers will pay Dh2.15 a litre for Super 98, a 5 per cent rise from November’s figure of Dh2.03. Special 95 will increase 6 per cent to Dh2.04 from Dh1.92, and E Plus will cost Dh1.97, up from Dh1.85. Diesel prices will rise to Dh2.20, a 4 per cent hike from last month.

For more than two years, the cost of petrol and diesel in the UAE has moved with the market as the Ministry of Energy began its liberalisation policy. The ministry uses “benchmark prices” which have not been publicly disclosed, though the prices should fluctuate with the international market. Petrol and diesel are made from crude oil, which means that the price of oil impacts the price to fill up a car tank.