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Thu 28 Jan 2016 01:26 PM

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UAE set to reduce petrol, diesel prices in February

Ministry of Energy says domestic price of diesel will drop by 15% compared to January

UAE set to reduce petrol, diesel prices in February
(Getty Images)

The UAE will lower domestic prices for gasoline and diesel in February, the ministry of energy said on Thursday.

The price of a litre of octane 95 gasoline will fall to 1.47 ($0.4003) dirhams at the start of February from 1.58 dirhams in January, the ministry said in a statement.

The domestic diesel price will fall 15 percent to 1.37 dirhams in February from 1.61 dirhams in January, 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 fuel prices would be "based on the average global prices with the addition of operating costs".

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