Major fuel marketing companies have increased the retail price of fuel to account for the increased crude oil price in the global market.
Diesel prices at the Emirates National Oil Company (Enoc), Emirates Petroleum Products Company (Eppco), and Abu Dhabi National Oil Company (Adnoc) have gone up by 20-30 fils as these companies have restructured the retail price to suit the international pricing.
According to an Enoc manager, diesel price has been increased from Dh3.40 per litre to Dh3.70 a litre and the increase is effective midnight Monday.
“Diesel price is up by 30 fils and petrol remains same. Adnoc too has increased the price,” said the manager.
According to Adnoc Distribution, the oil marketing company under Adnoc, diesel will be Dh.3030 per litre in Sharjah and the Northern Emirates, a slight increase in accordance with the high oil price in the international market.
Emarat, another leading fuel marketing company too increased the prices sometimes back to Dh 3.40 per litre.
International crude oil prices started skyrocketing after a fierce refinery fire in Venezuela, one of the largest oil producing countries
in the world.
A weekend explosion damaged the 950,000 barrels per day Paraguana refining complex in Venezuela, the world’s second largest refining
complex, after the Jamnagar complex in India.
Fuel price increase is also fuelled by an expected tropical storm, Issac, affecting oil referineries in the Gulf of Mexico. The accident at Petroleos de Venezuela, the state run oil company, to seek new supply sources.
In London, the brench crude was $112.26 per barrel on Monday.
In the UAE diesel sold through Adnoc stations in Sharjah and the Northern Emirates continue to remain cheaper, than the price in Enoc/Eppco and Emarat.
Diesel sold in Abu Dhabi remains almost Dh1, cheaper than the corresponding price in the Adnoc stations in other Emirates.
“Adnoc price is still lesser than the diesel sold through Emarat and Enoc/Eppco. There is no change in the price of petrol. High diesel
costs have a cascading effect on other prices as the transport cost for almost all goods and services will go up.