Dubai fuel retailers likely to cut diesel prices

Abu Dhabi: Oil retailers in Dubai are likely to lower diesel prices at the pumps with the softening of crude prices in the international market.

Crude prices have weakened almost 10 per cent after reaching a record high above $135 a barrel last month.

The price of diesel at the pumps may come down by 50 fils or more per gallon, due to the recent fall in global crude prices, oil industry sources familiar with the developments told Gulf News.

Unlike the capped petrol prices in the UAE, which are set by the government, diesel prices in Dubai move in tandem with global oil.

A spokesman for Emir-ates National Oil Company (Enoc) and Emirates Petro-leum Products Company (Eppco) said: "We are discussing the prices with Emarat on diesel." He declined to elaborate.

A spokesman for Emarat wasn't available for comment.

The Dubai oil retailers - Enoc, Eppco and Emarat - raised diesel prices on May 27 by Dh1.50 a gallon to Dh18.50 per gallon.