Ministry of Energy says petrol prices to drop by 5% at start of November while diesel will also fall marginally
The United Arab Emirates will lower domestic prices for gasoline and diesel in November, the ministry of energy said on Wednesday.
The price of a litre of octane 95 gasoline will drop 5 percent to 1.70 dirhams ($0.46) at the start of November from 1.79 dirhams in October, the ministry said on its Twitter account.
The domestic diesel price will fall to 1.87 dirhams in November from 1.89 dirhams in October, the ministry said.
In July, the UAE said it was shifting from a system of fixed, subsidised fuel prices to adjusting prices monthly in response to global trends.
It did not reveal details of its new formula nor say whether subsidies would be removed entirely, but announced that prices would be "based on the average global prices with the addition of operating costs".For all the latest retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.