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Sunday, April 18, 2021

Petrol prices in Qatar to fall slightly again in July

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Photo for illustrative purposes only. Credit: Reem Saad/Doha News

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.

July petrol prices. Credit: MEI

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.

Photo for illustrative purposes only. Credit: RasGas

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.

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