x Abu Dhabi, UAEMonday 24 July 2017

UAE petrol prices to rise

From next week the price of a litre of benzene will increase by 20 fils at petrol stations nationwide.

Abu Dhabi // From next week the price of a litre of benzene will increase by 20 fils at petrol stations nationwide. A statement issued today by 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. The move follows a hike in the pump price of petrol by 11 per cent in April, a step towards a full liberalisation in the market for the most popular transport fuel, the Government said. The increase in prices marks a big change in policy for the Federal Government, which, until April, had capped domestic petrol prices at Dh1.37 per litre for special unleaded. * WAM