UAE cuts fuel prices by 8% in September
Diesel will be sold at AED1.86 per litre, down 9% from August's rate
The UAE's Fuel Price Committee, a part of the national Ministry of Energy, announced fuel prices for September 2015 on Thursday, 27 August, 2015.
Diesel will be sold at AED1.86 per litre, down 9% from August's rate of AED2.05. In the gasoline categories, Octane 91 will be sold at AED1.89, Octane 95 at AED1.96 per litre, and Octane 98 for AED2.07.
The UAE began a policy of liberalised pricing for fuel in August 2015. Petrol and diesel prices will be reviewed and reassigned for each month in the country.The new prices will come into effect 1st of September, 2015.
Under the new pricing policy that has been ratified by the UAE Cabinet, a fuel price committee has been set up to review fuel prices against average international levels prior to their implementation in the UAE every month.
Chaired by the Undersecretary of the Ministry of the Energy, the committee includes as members the Undersecretary of the Ministry of Finance, CEO of ADNOC Distribution, and CEO of Emirates National Oil Company (ENOC).
Making the announcement in August, His Excellency Suhail Al Mazroui, Minister of Energy, said: “The decision to deregulate fuel prices has been taken based on in-depth studies that fully demonstrate its long term economic, social and environmental impact.
"The resolution is in line with the strategic vision of the UAE government in diversifying sources of income, strengthening the economy and increasing its competitiveness in addition to building a strong economy that is not dependent on government subsidies.
"This step will put the UAE on par with countries that follow sound economic methodologies. It is also anticipated to improve the UAE’s competitiveness while positioning the nation on international indices."