Dubai - Official says new fuel prices will be formally announced on August 27.
Published: Wed 19 Aug 2015, 12:00 AM
Updated: Wed 19 Aug 2015, 2:32 PM
Petrol and diesel prices in the UAE are expected to register a drop in September, an official has predicted.
"I expect, God willing, that the petrol and diesel price will go down as compared to prices for the current month," Matter Al Niyadi, Undersecretary at the Ministry of Energy, said in a Twitter post on Tuesday. He said new fuel prices will be formally announced on August 27.
The UAE last month stepped into the new era of zero-subsidy regime for fuel prices, by predetermining monthly prices according to international standards.
A high-powered committee, chaired by Dr Nyadi, on July 28 fixed the new fuel prices to be effective from August 1, according to which unleaded 95 Octane petrol rose 24.41 per cent from Dh1.72 per litre to Dh2.14 per litre.
Similarly, 98 Octane new rates reached Dh2.25 per litre from Dh1.83 per litre, reflecting an increase of 22.95 per cent while E-Plus 91 prices recorded highest rise in prices as it climbed 28.57 per cent to Dh2.07 per litre.
Al Nyadi had said at that time that the reduction of diesel prices will serve as a stimulating factor for the economy. This will enhance the competitiveness of the national economy, reduce the prices of commodities and eventually reflect positively on the economy.
reporters@khaleejtimes.com
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