Diesel prices to be slashed at Dubai pumps

Abu Dhabi: Dubai oil retailers plan to slash the price of diesel at the pumps by Dh1 a gallon effective Thursday to reflect the downturn in international oil prices at the local pumps, an executive representing two oil retailing firms told Gulf News yesterday.

Khalid Hadi, Group Brand and Marketing Manager for Emirates National Oil Company (Enoc) and Emirates Petroleum Products Company (Eppco), said by telephone that Enoc, Eppco and Emarat, the three oil retailers have decided to reduce the selling price of diesel to Dh12.35 a gallon from Dh13.35 per gallon.

Short boost: Oil rises above $50

Oil briefly topped $50 (Dh183.65) a barrel yesterday, boosted partly by expectations Opec will agree on a deep supply cut this week to try to prop up prices.

A weaker dollar also lent support to oil, which has fallen about $100 from a record high of more than $147 in July, as the global financial crisis has hit demand for fuel. Goldman Sachs has predicted oil could go as low as $30.

- Reuters