Dubai fuel retailers cut diesel price by 50 fils

emirates national oil company (enoc), emirates petroleum products company (eppco) ａnd emarat ﹣ have lowered the retail price of diesel at the pumps by 50 fils a gallon in line with the falling global oil prices, oil company sources said on wednesday. "the new diesel price is dh18.75 per gallon, which should bring some relief to the customers," said one source. gulf news had reported on july 25 that diesel prices are slated to be cut marginally by the oil retailers.

international oil prices have fallen sharply ｆrom a lifetime high of $147.27 a barrel on july 11, as an economic downturn in the us, the world＇s biggest oil importer, has slowed consumer demａnd.
crude oil futures for september delivery in the us were trading at $121.25 a barrel in early trade yesterday on the new york mercantile exchange.
however, oil rebounded ｆrom lows to near $123 a barrel yesterday after us government data showed a ｄrop in gasoline stocks last week.
the three dubai oil retailers buy diesel at international prices ａnd then adjust the local prices, based on the lａnded cost of the oil product.
diesel is widely used in the uae as a transportation fuel with trucks that carry goods, as main users.
any increase in the price of the fuel means greater inflationary pressure for the consumer as the fuel price rises are invariably passed on across the supply chain.
with dubai＇s price cut, the diesel price gap per gallon in dubai ａnd abu dhabi has narrowed to 115.12 per cent ｆrom 123.84 per cent. abu dhabi has been able to keep fuel prices steady at dh8.60 a gallon, as it has its own crude oil supplies ａnd refinery.

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