Uber hikes fares in UAE as gasoline prices outpace increases

In the United Arab Emirates, Bloomberg Technologies Inc. raised fares after a surge in gasoline prices that have outpaced increases in neighboring oil-rich states.

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The ride-hailing company will charge as much as 11% more for some trips, it said in an email to customers. The hike is Uber's second this year in the UAE, where petrol is three times more expensive than in Kuwait and almost double the average cost per liter in the six-member Gulf Cooperation Council.

Since the beginning of the year, prices in the UAE have gone up 56% since the beginning of the year, based on market costs. Other countries in the key oil-producing region subsidize fuel in varying degrees. Saudi Arabia is the biggest producer of OPEC and UAE is third, followed by Kuwait.

According to globalpetrolprices.com, UAE prices are higher relative to the region, but they are well below the global average of $1.47 a liter. Petrol costs $1.37 a liter on average in the US and $2.32 in the UK.

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