Suhail Al Mazrouei, Minister of Energy, says deregulation of fuel costs benefits commerce and country. Ravindranath K / The National
Suhail Al Mazrouei, Minister of Energy, says deregulation of fuel costs benefits commerce and country. Ravindranath K / The National

Minister of Energy confident revised fuel prices are positive step



ABU DHABI // Minister of Energy Suhail Al Mazrouei says the new petrol prices announced on Tuesday are still relatively low, given the lack of tax.

From Saturday, the price for a litre of Special 95 will increase from Dh1.72 to Dh2.14 – a rise of 23.6 per cent. Super 98 has been set at Dh2.25 and E Plus at Dh2.07. But diesel is now Dh2.05, a 29 per cent drop from its previous price of Dh2.90.

“I don’t think people will give up their cars,” said Mr Al Mazrouei. “There is a segment of people with very low incomes making Dh1,000 or Dh1,500 salaries a month. This is not healthy. They should use the services [public transport] that the Government is providing them with.

“If the small increase of a few hundred dirhams in their monthly budget is straining their budget, then they’ll have to make a choice.”

The prices will be fixed for the month and new figures will be announced on day 28 of each month thereafter.

Despite the rise, prices in the UAE would remain relatively low, he said. “We wanted to be fair with the consumers and fair with the distributing companies; this is a total liberation.

“We were transparent with the consumers and we will continue to be transparent with them. Our prices will be lower than any liberated market because there’s no tax and we reduced the profitability of the companies downwards.”

He said companies would benefit from the reduced diesel price. “We think that the impact on diesel is going to be positive. The reduction in diesel is going to be 85 fils, a 29 per cent decrease.

“This should drive down the operating and transport costs for many sectors using diesel. Some of the public transport companies have announced lower tariffs already.

“We are working with consumer protection agencies to ensure that the consumer will benefit from these lower costs and changes in diesel prices.

“We haven’t seen high volatility in the price of gasoline at the pump in the past six months. If there is, people will see a gradual effect. If the prices go down, the pump price will go down.”

Mr Al Mazrouei added: “People always say that prices go up and up but this is something that we haven’t seen before, that gasoline prices could actually go down too.”

Dr Matar Al Nyadi, Undersecretary for the Ministry and chairman of the Fuel Price Committee, said the new prices were based on average global prices during this month, with the addition of transport, distribution and operating costs – as approved by the Cabinet for distribution companies.

He said the committee would monitor global prices daily.

“The ministry has coordinated with all relevant entities in the country including the Ministry of Economy and the Supreme Committee for Consumer Protection to monitor the movement of prices and safeguard the rights of consumers,” said Dr Al Nyadi.

“This will ensure that people across the country benefit from lower diesel prices, which would mean lower operating costs for a wide number of vital sectors such as industry, shipping and cargo.”

The changes would promote “rationalised consumption” and would incentivise people to choose the most fuel-efficient cars, while curbing the increase in cars on the country’s roads.

The Ministry of Energy announced the deregulation of fuel prices last Wednesday. The move aims to support the economy, lower fuel consumption, protect the environment and conserve national resources.

For more information call 056 546 7942 or email fuelprice@moenr.gov.ae

-----------

More on fuel prices

UAE fuel price change would cost about $387 per head this year

Analysis: long-term gain outweighs short-term pain

Other GCC countries may follow UAE lead

UAE petrol price rise 'could have been worse'

UAE fuel prices for August announced

UAE taxi firms undecided on hike, but rise is inevitable say cabbies

UAE residents may have to consider options as petrol prices change

-----------

nalremeithi@thenational.ae

Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

TWISTERS

Director: Lee Isaac Chung

Starring: Glenn Powell, Daisy Edgar-Jones, Anthony Ramos

Rating: 2.5/5

Confirmed bouts (more to be added)

Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez

Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.

COMPANY PROFILE

Name: Xpanceo

Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

The Details

Article 15
Produced by: Carnival Cinemas, Zee Studios
Directed by: Anubhav Sinha
Starring: Ayushmann Khurrana, Kumud Mishra, Manoj Pahwa, Sayani Gupta, Zeeshan Ayyub
Our rating: 4/5 

Five hymns the crowds can join in

Papal Mass will begin at 10.30am at the Zayed Sports City Stadium on Tuesday

Some 17 hymns will be sung by a 120-strong UAE choir

Five hymns will be rehearsed with crowds on Tuesday morning before the Pope arrives at stadium

‘Christ be our Light’ as the entrance song

‘All that I am’ for the offertory or during the symbolic offering of gifts at the altar

‘Make me a Channel of your Peace’ and ‘Soul of my Saviour’ for the communion

‘Tell out my Soul’ as the final hymn after the blessings from the Pope

The choir will also sing the hymn ‘Legions of Heaven’ in Arabic as ‘Assakiroo Sama’

There are 15 Arabic speakers from Syria, Lebanon and Jordan in the choir that comprises residents from the Philippines, India, France, Italy, America, Netherlands, Armenia and Indonesia

The choir will be accompanied by a brass ensemble and an organ

They will practice for the first time at the stadium on the eve of the public mass on Monday evening 

The specs

Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 7-speed dual-clutch auto
Fuel consumption: 10.5L/100km
On sale: Now
Price: From Dh129,999 (VX Luxury); from Dh149,999 (VX Black Gold)

FA CUP FINAL

Manchester City 6
(D Silva 26', Sterling 38', 81', 87', De Bruyne 61', Jesus 68')

Watford 0

Man of the match: Bernardo Silva (Manchester City)

CRICKET WORLD CUP QUALIFIER, ZIMBABWE

UAE fixtures

Monday, June 19

Sri Lanka v UAE, Queen’s Sports Club

Wednesday, June 21

Oman v UAE, Bulawayo Athletic Club

Friday, June 23

Scotland v UAE, Bulawayo Athletic Club

Tuesday, June 27

Ireland v UAE, Bulawayo Athletic Club

THE SPECS

Engine: 1.5-litre turbocharged four-cylinder

Transmission: Constant Variable (CVT)

Power: 141bhp 

Torque: 250Nm 

Price: Dh64,500

On sale: Now

Five calorie-packed Ramadan drinks

Rooh Afza
100ml contains 414 calories
Tang orange drink
100ml serving contains 300 calories
Carob beverage mix
100ml serving contains about 300 calories
Qamar Al Din apricot drink
100ml saving contains 61 calories
Vimto fruit squash
100ml serving contains 30 calories

Moving Out 2

Developer: SMG Studio
Publisher: Team17
Consoles: Nintendo Switch, PlayStation 4&5, PC and Xbox One
Rating: 4/5

THREE

Director: Nayla Al Khaja

Starring: Jefferson Hall, Faten Ahmed, Noura Alabed, Saud Alzarooni

Rating: 3.5/5

Russia's Muslim Heartlands

Dominic Rubin, Oxford

SPEC SHEET: SAMSUNG GALAXY Z FOLD 4

Main display: 7.6" QXGA+ Dynamic Amoled 2X, 2176 x 1812, 21.6:18, 374ppi, HDR10+, up to 120Hz

Cover display: 6.2" HD+ Dynamic Amoled 2X, 2316 x 904, 23.1:9, 402ppi, up to 120Hz

Processor: Qualcomm Snapdragon 8+ Gen 1, 4nm, octa-core; Adreno 730 GPU

Memory: 12GB

Capacity: 256/512GB / 1TB

Platform: Android 12, One UI 4.1.1

Main camera: Triple 12MP ultra-wide (f/2.2) + 50MP wide (f/1.8) + 10MP telephoto (f/2.4), dual OIS, 3x optical zoom, 30x Space Zoom, portrait, super slo-mo

Video: 8K@24fps, 4K@30/60fps, full-HD@30/60fps, HD@30fps; slo-mo@60/240/960fps; HDR10+

Cover camera: 10MP (f/2.2)

Inner front camera: Under-display 4MP (f/1.8)

Battery: 4400mAh, 25W fast charging, 15W wireless charging, reverse wireless charging, 'all-day' life

Connectivity: 5G; Wi-Fi, Bluetooth 5.2, NFC (Samsung Pay)

I/O: USB-C

Cards: Nano-SIM + eSIM; 2 nano-SIMs + eSIM; 2 nano-SIMs

Colours: Graygreen, phantom black, beige, burgundy (online exclusive)

In the box: Fold 4, USB-C-to-USB-C cable

Price: Dh6,799 / Dh7,249 / Dh8,149

ENGLAND SQUAD

For first two Test in India Joe Root (captain), Jofra Archer, Moeen Ali, James Anderson , Dom Bess, Stuart Broad , Rory Burns, Jos Buttler, Zak Crawley, Ben Foakes, Dan Lawrence, Jack Leach, Dom Sibley, Ben Stokes, Olly Stone, Chris Woakes. Reserves James Bracey, Mason Crane, Saqib Mahmood, Matthew Parkinson, Ollie Robinson, Amar Virdi.

Ashes 2019 schedule

August 1-5: First Test, Edgbaston

August 14-18: Second Test, Lord's

August 22-26: Third Test, Headingley

September 4-8: Fourth Test, Old Trafford

September 12-16: Fifth Test, Oval


The UAE Today

The latest news and analysis from the Emirates

      By signing up, I agree to The National's privacy policy
      The UAE Today