Browsing 'cost of living' News

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Petrol prices in Qatar will fall by 5 dirhams from next month, the Ministry of Energy and Industry (MEI) has announced today.

That means starting Aug. 1, the costs of Premium (91 octane) and Super (95 octane) fuel will each drop to their lowest levels since January this year.

Premium petrol will cost QR1.50/liter while Super will be QR1.60/liter. The cost of diesel will remain unchanged from July’s prices, at QR1.50 a liter, the MEI said.

MEI

August 2017 fuel prices

While marginal, next month’s price drop comes despite the ongoing blockade of Qatar by neighboring Gulf states and Egypt, who have sought to isolate the country and impose economic sanctions.

However, last week, the head of Qatar Petroleum said the actions had actually strengthened the nation, not hurt it.

At the time, QP CEO Saad Sherida Al Kaabi even thanked the quartet for the blockade.

Fuel fluctuations

The price of Premium grade petrol had risen for five straight months before holding steady at QR1.60 since March. It finally fell 5 dirhams in July.

University Petrol Station

Meanwhile, the cost of Super gasoline hit a high of QR1.70 a liter in March. It remained this way for three months before dropping 5 dirhams in June.

And Diesel reached its highest price so far in April and May when it cost QR1.60/liter, until its price fell in June.

Qatar’s fuel prices were fixed by the government until May last year, when officials announced they would fluctuate based on global market conditions.

This was to “raise the efficiency of energy use in the country and raise consumers’ awareness,” the MEI said at the time.

Since then, the cost of Premium fuel has increased by almost 30 percent, Super by 23 percent and diesel by 7 percent.

Thoughts?

Reem Saad / Doha News

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The cost of premium (91-octane) fuel in Qatar will fall by 5 dirhams to QR1.55 in July, the Ministry of Energy and Industry (MEI) has announced.

Though marginal, this is the first time since October 2016 that premium fuel prices are dropping.

Meanwhile, the price of diesel will also fall 5 dirhams to QR1.50/liter.

MEI

July petrol prices

However, 95-octane super petrol will remain at QR1.65, after dropping 5 dirhams in June.

Before that, petrol prices held steady for two months, following five consecutive months of increases, from November 2016 to March 2017.

Gulf dispute

For now, the ongoing Gulf crisis that has left Qatar isolated from its neighbors should not affect petrol prices, according to experts.

RasGas

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Speaking to AFP this month, M.R. Raghu, executive vice president of Kuwait Financial Center (Markaz), said:

“Given the severe supply glut in the oil markets globally, it is quite unlikely that the Gulf spat would lead to a spike in oil prices in the short or medium term.”

However, if the matter escalates into a military confrontation that disrupts oil and gas supply lines, then energy prices around the world would likely soar, some analysts said, according to Al Jazeera.

Currently, Qatar is mulling a long list of demands sent by Saudi Arabia, Bahrain, Egypt and the UAE.

It has about a week left to respond, or face a possible “divorce” from the GCC.

Thoughts?

Boegh/Flickr

Photo for illustrative purposes only.

Petrol prices in Qatar will fall slightly in June, the Ministry of Energy and Industry (MEI) has announced.

Premium petrol (91-octane) will continue to cost QR1.60/liter. But Super (95-octane) fuel will be QR1.65/liter, down from QR1.70 currently.

Additionally, the cost of diesel will fall five dirhams to QR1.55/liter.

Ministry of Energy and Industry

Fuel prices

Though the drop is marginal, June is the first month in 2017 that fuel prices are actually going down.

Before that, they held steady for two months, following five consecutive months of increases, from November 2016 to March 2017.

The drop will likely come as a relief to motorists.

Since Qatar first began fluctuating petrol prices a year ago, they have increased more than 30 percent.

Thoughts?