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Dubai retailers slash diesel price.

Abu Dhabi: Dubai oil retailers will cut the price of diesel again as of today, this time by Dh0.75 a gallon, to reflect the decline in international oil prices at the local pumps, oil company officials told Gulf News.

"The price of diesel will be further reduced to Dh10.10 a gallon," said a spokesman for Enoc and Eppco. Another source at Emarat confirmed the downward revision in diesel prices.

Diesel currently sells at Dubai pumps at Dh10.85 per gallon. The latest cut will mark the oil retailers' 15th successive cut in diesel prices. The three oil retailers - Emirates National Oil Company (Enoc), Emirates Petroleum Products Company (Eppco) and Emarat - buy diesel at international prices and then adjust the local prices, based on the landed price of the oil product.

Diesel is widely used in the UAE as a transportation fuel and its prices have a direct bearing on inflation.

International oil prices have fallen more than $100 (Dh367) a barrel after touching an all-time high of $147.27 in July triggered by the global economic crisis, which has affected oil consumption patterns worldwide. Yesterday, the sweet light crude oil futures for March 2009 delivery in the US were trading a shade above $35 (Dh150.62) a barrel in early trade.

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Publication:Gulf News (United Arab Emirates)
Geographic Code:7UNIT
Date:Feb 19, 2009
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