The fuel pricing committee of the UAE Ministry of Energy has again reduced the price for gasoline, in its third month of market-linked pricing. Prices for all three gasoline grades were reduced by Dh0.17/liter ($0.05/liter), equivalent to cuts of 8-9%. The price for diesel was raised, however by Dh0.03/liter or 1.6%.
As with pricing for September, announced at the end of August, the gasoline mark-downs reflect the direction of international market prices for gasoline, but not the size of the change. In September trading Middle East gasoline spot prices were hovering below the $63/B mark, only slightly lower than in August. However, Middle East diesel spot prices rallied from around $52/B at the end of August to around $55/B in September. (CONTINUED - 241 WORDS)