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".For all the latest energy and oil 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.
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