Dubai diesel price cut again

Abu Dhabi: Dubai oil retailers have cut the price of diesel again, this time by Dh0.50 a gallon, to reflect the decline in international oil prices at the local pumps, company sources told Gulf News yesterday.

"The price now for diesel at Dubai pumps is Dh10.85 per gallon, down from Dh11.35 per gallon," an attendant at an Eppco filling station said. Another attendant stationed at an Emarat pump, confirmed the downward revision 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.

Spokesmen for Enoc and Eppco and Emarat weren't immediately available for comment. Dubai oil retailers had last cut diesel prices in December 30 last year. The latest cut marks their 14th successive cut.

Yesterday, the sweet light crude oil futures for March 2009 delivery in the US were trading a shade above $41 (Dh150.62) a barrel on the New York Mercantile Exchange, in afternoon trade.

International oil prices have fallen more than $100 a barrel after touching an all-time high of $147.27 in July.