Gulf states raise fuel prices

The UAE, Oman and Qatar have increased domestic oil prices for the month of October.

The move is prompted by the increase in world oil prices due to increased global demand and tensions in the Middle East which followed the Kurdish referendum on secession from Iraq.

#GulfCrisis

Last week, Brent crude prices extended their gains for five straight weeks, their longest weekly rise since June 2016, rising by 1.2 per cent to $57.54 a barrel.

This is the third consecutive increase in the UAE and Oman and the first in Qatar.

The Qatari economy briefly deteriorated after Saudi Arabia, Egypt, the United Arab Emirates and Bahrain cut ties with Doha on the pretext that it “supports terrorism”. Doha denies the charges and quickly implemented a package of measures that returned stability to its economy.

Read: 4 Gulf countries sever diplomatic ties with Qatar