UAE fuel rates to increase in December

UAE fuel rates to increase in December

The fuel prices in the UAE will be raised next month and will be the highest since July 2015. The price of unleaded gasoline will increase by 12 fils and diesel by 9 fils per liter. This updated rate of petrol with the highest purity will be 2.15 Dirham and 1.97 Dirham for E plus petrol. Diesel rate will be 2.20 Dirham in December according to the Ministry of Energy.

S&P Global Ratings on Tuesday raised its price forecast for Brent crude oil for 2018 to $55 while WTI remains unchanged at $50.

“We note that Brent has been trading above $60 per barrel since October 27, 2017, having closed at that price on September 25 for the first time since July 2015. At present, future prices remain above $60 a barrel until November 2018. We believe the price increase reflects ongoing Opec production cuts, supply disruptions, and temporary production declines as well as positive market sentiment about demand,” S&P said in a note on Tuesday.