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Thu 27 Aug 2015 01:47 PM

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UAE says set to cut retail petrol, diesel prices in September

Ministry of Energy announces drop in prices for all fuel categories as new policy linked to global levels continues

UAE says set to cut retail petrol, diesel prices in September

The UAE's Energy Ministry on Thursday announced plans to cut the retail price of petrol and diesel by eight percent next month.

The move comes just weeks after petrol costs rose by more than 20 percent following a decision to deregulate prices and create a new pricing policy linked to global levels.

Special (Octane 95) petrol – the type most commonly used in local cars – will be sold at AED1.96 per litre, down from AED2.14, a drop of 8 percent.

Following the decision to deregulate gasoline and diesel prices, petrol prices in the UAE rose by an average of 20 percent from August 1 although diesel prices fell.

According to an announcement by the UAE's Ministry of Energy on Twitter, the September retail prices will be as follows:

Unleaded Gasoline 98: AED2.07 down from AED2.25 per litre

Unleaded Gasoline 95 AED1.96 down from AED2.14 per litre

Gasoline E Plus: AED1.89 down from AED2.07 per litre

Diesel: AED1.86 down from AED2.05 per litre

The new prices will come into effect starting Tuesday, September 1.

Dr Matar Al Nyadi, Undersecretary, Ministry of Energy, said: “The prices are based on the average global prices for diesel and gasoline with the addition of operating costs and profit margins of the distributing companies. The Fuel Price Committee will next meet on September 28 to agree on the prices for the month of October.”

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