Fuel companies will increase the price of fuel by 20 fils a litre from Thursday.
Fuel distribution companies in the UAE are set to increase the price of fuel by 20 fils a litre from Thursday, the official news agency WAM reports.
A statement issued today by the distributing companies said the increase is part of liberalisation of prices and their gradual rise.
''The announced rise comes within efforts to gradually mitigate accumulated and growing losses these companies are sustaining due to continuous surge in cost of the product,'' the statement added.
This is the second fuel price rise since April when petrol costs rose by 15 fils a litre.
An Arabian Business at the time found that 70 percent of people were against petrol price hikes in the UAE.
A total of 61.2 percent of respondents to the online poll said the increase, which came into force on April 21, would hurt their finances "a lot".
In January, Emirates National Oil Company (ENOC) called for an end to controls on petrol prices, saying it has been hit financially by rising costs for crude oil.
Saeed Khoory, the company's chief executive, reportedly said that the company was losing money with every sale at its 170 service stations in the UAE while the prices were fixed.