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 the cost of fuel.
Gasoline prices in the gulf nation, OPEC’s third-largest producer, have jumped about 80% since the start of the year amid a surge in oil prices.
In the same period, crude has soared almost 50% 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 now costs three times more in the UAE than in Kuwait, and prices are more than double the average cost in the six-member Gulf Cooperation Council.
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