FINANCIAL NEWS

Petrol prices to rise in UAE this year

18 Aug 2010

(MENAFN) A senior official from a Dubai-based petroleum products company said that UAE residents should prepare themselves for a series of petrol hikes this year as petrol firms have already got official clearance to sell at internationally accepted levels, Emirates 24/7 reported.

The official said that there is still a need to raise prices by at least 47 fills to reach the break-even cost of selling petrol to customers. This is on top of the 35-fil price increase this year so far ? 15 fils in April and 20 fils in July.

The official said firms can break-even at Dh10 per gallon or Dh2.19 per litre. Currently, the basic grade of petrol still costs Dh1.72 at local filling stations. This will mean a hike of 27.3 per cent.

The transportation sector has just raised their fees in response to the previous petrol price hikes.

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