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.”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.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.