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.
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.
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.
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.