RIYADH: The UAE has raised fuel prices for the fifth time this year to further widen the gap with other oil producers who subsidize gasoline costs, Bloomberg reported.
As oil prices jumped, gasoline prices in the UAE have surged by around 80 percent since the beginning of the year, while crude has increased almost 50 percent to reach over $100 a barrel.
Gasoline in the UAE now costs three times more than in Kuwait and prices are more than double the average in the Gulf Cooperation Council members.
According to data from globalpetrolprices.com, fuel prices in the UAE are below the global average.
