By: Mahmoud Gamal
Dubai – Mubasher: Fuel prices in the GCC nations witnessed an increase in 2018 compared to a year earlier to be in line with global market prices.
In the UAE, the per-litre price of Super increased to $0.61 this year instead of $0.59 in the previous year, according to a recent survey conducted by Mubasher.
In January, the UAE has imposed a 5% value-added tax (VAT), which resulted in raising petrol and diesel prices in the GCC country.
Fuel prices in the UAE are the highest among other GCC nations.
In August 2015, the country decided to hike fuel prices including gasoline and diesel to get closer to global prices.
Oman
Oman came in the second place regarding fuel prices, as the per-litre price of Super levelled up to $0.58 this year, compared to $0.54 in 2017, while the prices of gasoline and diesel stood at $0.55 and 0.57%, respectively.
In January 2016, Oman raised fuel prices in an effort to reform subsidy scheme.
Qatar
Qatar ranked in the third position among the GCC peers regarding fuel prices, as super fuel hit $0.54 per litre during 2018, while diesel stood at $0.47/litre.
In May 2016, the gas-rich country overhauled fuel prices taking into consideration the global change in oil product prices and prices in the region.
Accordingly, Qatar raised fuel prices between 30% and 35% in January 2016.
Saudi Arabia
Fuel prices in Saudi Arabia recorded $0.54 in 2018, while diesel prices inched up to $0.13.
The Ministry of Energy, Industry and Mineral Resources decided to maintain oil prices during the second and third quarters of 2018.
Meanwhile, the kingdom raised fuel prices a proportion ranging between 82% and 126% at the beginning of 2018, as it seeks to reach global prices by 2020 in order to prop up the efficiency of oil production and subsidy system.
Kuwait
Oil prices in Kuwait are the lowest in the region, as super petrol prices stood $0.35 per litre this year, while diesel prices inched up to $0.38 per litre from $0.36.
In August 2018, the Kuwaiti government decided to remove the fuel subsidy scheme in a bid to reduce expenses and address suffering resulted from the drop in oil revenues.
Translated by: Kholoud Mohamed Hussein
