UAE raises fuel prices again in line with global increase, widens gap with neighbors

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The United Arab Emirates increased petrol prices for the fifth time this year, further widening a gap with other oil producers in the region who subsidize fuel.

The cost of fuel in the gulf nation, OPEC’s third-largest producer, has jumped about 80 percent since the start of the year amid a surge in oil prices.

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Crude has soared almost 50 percent this year to more than $100 a barrel, mainly because of the fallout from Russia’s invasion of Ukraine.

Other countries in the oil-producing region subsidize fuel to varying degrees, but the UAE deregulated prices in 2015.

Petrol is now three times more expensive in the UAE than in Kuwait, and more than double the average price per liter in the six-member Gulf Cooperation Council.

The high cost of fuel has prompted ride-hailing company Uber Technologies Inc. to raise fares in the UAE twice this year.

Amid rising fuel costs, residents in the United Arab Emirates say they are finding alternative ways to commute, with many switching to electric cars to avoid paying soaring petrol prices.

Globally, petrol and diesel prices have hit their highest levels on record in recent months in many parts of the world, hitting motorists and adding to business costs, driven by a sharp rise in global oil prices.

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