Font Size

- Aa +

Thu 28 Apr 2016 09:34 AM

Font Size

- Aa +

Qatar reduces local diesel fuel price by 7%

Future prices will be based on a formula that includes global levels, production and distribution costs within Qatar, and prices elsewhere in the region

Qatar reduces local diesel fuel price by 7%

Qatar lowered the domestic price of diesel by 7 percent on Wednesday after switching to a local energy pricing regime that fluctuates monthly in response to changes in global markets.

Diesel will decrease to 1.4 riyals ($0.3734) per litre for the month of May and the price of gasoline will remain unchanged, Qatar's energy ministry said in a statement. It did not say what the current price of diesel was.

Future prices will be based on a formula that includes global levels, production and distribution costs within Qatar, and prices elsewhere in the region, QNA said on Tuesday.

Qatar's state budget has been strained as low international oil and gas prices have slashed its export revenues, so it has been looking for ways to save money.

For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.