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Mon 28 Mar 2016 02:16 PM

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UAE set to raise petrol prices by at least 10% in April

The increase in prices for April follows seven consecutive months of declines, tracks rise in global oil price

UAE set to raise petrol prices by at least 10% in April

Petrol prices in the UAE will rise by more than 10 percent in April, according to an announcement by the Ministry of Energy on Monday.

The cost of Super 98 fuel will increase 10.2 percent from AED1.47 in March to AED1.62 in April, Special 95 is up 11 percent from AED1.36 to AED1.51 and E-Plus 91 will rise 11.6 percent from AED1.29 to AED1.44.

Diesel will also increase 11.4 percent from AED1.40 to AED1.56, according to the announcment made on Twitter.

The rise tracks the increase in the price of Brent crude in the past month which has risen from around $36 a barrel to more than $40.

The increase in prices for April follows seven consecutive months of declines.

Last July, the UAE said it was shifting from a system of fixed, subsidised fuel prices to adjusting prices monthly in response to global trends.

It did not reveal details of its new formula nor say whether subsidies would be removed entirely, but announced that fuel prices would be "based on the average global prices with the addition of operating costs".

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