Petrol prices in the UAE are to fall more than 8 per cent next month – the second consecutive month of declines.
The Fuel Price Committee, chaired by a Ministry of Energy official and including the chiefs of the two main distribution companies Adnoc and Enoc, also confirmed that the price of diesel will increase slightly.
Petrol prices for October will be as follows: E-plus (Octane 91 petrol) at Dh1.72 a litre from Dh1.89 in September, a decline of 8.9 per cent; Special (95) at Dh1.79 from Dh1.96 a litre, a fall of 8.7 per cent; and Super (Octane 98 petrol) at Dh1.9 a litre from Dh2.07, a fall of 8 per cent. Diesel meanwhile will be Dh1.89 a litre, a 1.6 per cent increase from Dh1.86 a litre.
The government liberalised fuel price-setting in July in order to remove subsidies and let prices reflect the vagaries of the international oil market, including the economics of refineries.
Prices initially rose in August – the first month since the new pricing was implemented.
But they have now fallen close to levels before the first changes were made.
Matar Al Nyadi, Undersecretary at the Ministry of Energy, said last month that “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”.
More to follow.
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