Diesel prices rose by 7 per cent or 14 fils to Dhs2.01 per litre.
India’s finance ministry is considering cutting excise duties on petrol and diesel to cushion the impact of record high domestic prices, three government officials close to the discussions said.
The UAE fuel prices will rise for April by 8-9 per cent for gasoline and 3 per cent for diesel including the 5 per cent VAT, as announced by the suppliers.
Pakistan and Bangladesh are rationing gas and buyers across South Asia are seeking alternative fuels after spot liquefied natural gas (LNG) prices surged to record highs, government and industry officials told Reuters.
Fuel prices in India reached record-high levels making customers worried on Wednesday. According to the Indian Oil Corporation Limited (IOCL), petrol rates have climbed to Rs86.30 per lire, while diesel stood at Rs76.48 per litre in New Delhi.
Consumers might see fuel prices going up again as oil companies are bracing up to pass the rise in global crude and product prices on retail sales.
The Fuel Price Follow-up Committee announced that fuel prices rose, while diesel prices remained stable for December compared to November.
The move comes at a time when India is staring at the highest ever tax collection shortfall, as corporate and income tax collection for this fiscal year is set to fall for the first time in at least two decades and the goods and services tax revenue could see a gaping shortfall.
Iran’s supreme leader on Sunday threw his support behind a decision to hike petrol prices, a move that sparked nationwide unrest in which he said “some lost their lives.”