ABU DHABI // Petrol prices across the country were today increased from Dh1.72 per litre of Special 95 to Dh2.14, an increase of 23.6 per cent.
The revised price for Super 98 has been set at Dh2.25 and E Plus at Dh2.07.
The price of diesel is set at Dh2.05, a 29 per cent drop from its previous price of Dh2.90.
These prices come into effect on August 1 and will be fixed for the month. A new price will be announced on August 28.
Dr Matar Al Nyadi, Undersecretary for the Ministry of Energy and chair of the Fuel Price Committee, said the new prices were based on average global prices for petrol and diesel during the month of July with the addition of transport, distribution and operating costs — as approved by the Cabinet for distribution companies.
He said the committee would monitor the global prices of petrol and diesel daily and will announce the prices for the following month on the 28th of each month.
He said: “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. 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.”
He said the changes would promote “rationalised consumption” and would incentivise people to choose the most fuel-efficient cars, while curbing the increase in the number of cars on the country’s roads in the future.
The Ministry of Energy announced on Wednesday last week it would deregulate fuel prices across the country.
A committee was then established to set future prices, chaired by the undersecretary of the Ministry of the Energy, Dr Matar Al Nyadi, together with the undersecretary of the Ministry of Finance, the chief executive of Adnoc Distribution, and the chief executive of Emirates National Oil Company (Enoc).
The decision was aimed at supporting the national economy, lowering fuel consumption, protecting the environment and preserving national resources.
The Ministry of Energy has assigned a dedicated number and email — 056 546 7942 and email@example.com — for enquiries on the deregulated fuel prices.
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'
■ Minister of Energy says new petrol prices are still relatively low
■ UAE taxi firms undecided on hike, but rise is inevitable say cabbies
■ UAE residents may have to consider options as petrol prices change