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Mon 31 Oct 2016 11:22 AM

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Qatar fuel prices ‘to rise again in November’

Energy ministry announces QR0.10 increase following record hike in January

Qatar fuel prices ‘to rise again in November’
(Getty Images)

Fuel prices in Qatar are set to rise from the beginning of November, after falling for the past two months.

The Ministry of Energy and Industry has reportedly announced a planned QR0.10 ($0.02) increase, to take effect from November 1.

The ministry has yet to publish the news on its website, but Doha News said that the revised cost of one litre of premium grade (91-octane) petrol will be QR1.35 ($0.37)/litre while super (95-octane) gasoline will cost QR1.45 ($0.39)/litre.

The price of diesel will remain unchanged at QR1.40 ($0.38)/litre.

The increase brings prices back to their August levels – the highest this year – following two months of prices dropping by QR0.05.

In January, the ministry hiked prices by more than 30 percent for the first time in five years as low oil and gas prices put pressure on the national budget.

Then, in April, the ministry announced it would set fuel prices monthly to better reflect fluctuations in global energy markets. 

Doha News noted that the latest price hike comes as Qatar Fuel (Woqod) reported a 30 percent drop in net profit during the third quarter of this year, from QR960 million ($263 million) to QR850 million ($233 million).

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