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Thu 26 Nov 2015 03:16 PM

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UAE says to lower gasoline, diesel prices further in December

Ministry of Energy announces small decreases of between 1-2% in prices to kick in at start of next month

UAE says to lower gasoline, diesel prices further in December

The UAE will again lower domestic prices for gasoline and diesel in Deceember, the ministry of energy has announced.

The price of a litre of octane 95 gasoline will drop to 1.68 dirhams from 1.70 dirhams at the start of November, the ministry said in a statement carried by news agency WAM.

The price of Super (98 octane) falls to 1.79 dirhams from 1.81 while E Plus (91 octane) also falls to 1.61 dirhams per litre.

The domestic diesel price will fall to 1.83 dirhams in December from 1.87 dirhams in November, the statement added.

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".

The Fuel Price Follow-up Committee, chaired by Dr Matar Hamed Al Neyadi, Under-Secretary of the Ministry of Energy, sets prices on a monthly basis.

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