UAE raises petrol prices again

KUWAIT CITY, July 4: According to the Bloomberg news agency, Kuwait ranked first within the Gulf region in terms of cheap fuel prices, based on the data obtained from the Global Petroleum Price website, reports Al-Anba daily. Also, the price of fuel in Kuwait is lower than the world average, as the price of a liter of gasoline is USD 0.34 cents while the global average is USD 1.47.

On the other hand, the price of fuel in the UAE is three times higher than in Kuwait. The UAE, which is the third largest producer in the Organization of Petroleum Exporting Countries (OPEC), has raised gasoline prices for the fifth time this year to about USD 1.23 per liter, further widening the gap with other oil producers in the region who are subsidizing the cost of fuel. While other oil-producing countries in the region subsidize the fuel to varying degrees, the UAE liberalized gasoline prices in 2015.

Its prices are now three times the price in Kuwait and more than twice the average cost in other Gulf countries. It should be noted that the high cost of fuel prompted the company “Uber Technologies”, which provides transportation services, to raise the prices in the UAE twice this year. In a post uploaded last week on Twitter and shared by Bloomberg, academic Abdul- Khaliq Abdullah said the price of fuel in the UAE is the highest and most expensive in the Gulf and is still trending upwards, but it is lower than the global average of $ 1.47, according to data from the Global Petroleum website, as the average cost of a liter of gasoline is $ 1.37 in the United States, and $2.32 in the United Kingdom.