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UAE sets new fuel prices based on 4 main markets

UAE sets new fuel prices based on 4 main markets
Photo Credit: Arabianeye-Reuters

 

UAE – Mubasher: UAE energy ministry undersecretary and head of the fuel price supervision committee Dr. Matar Hamed Al Neyadi said that the UAE raised its gasoline and diesel prices based on a price average of four main global markets.

The pricing formula will include the distributing company’s operational cost for these products, he told CNBC Arabia.

The UAE raised gasoline (octane 95) by 24% to AED 2.14 per litre and reduce diesel price by 29% to AED 2.05 per litre.

The decision to deregulate oil prices does not include a possibility to restore the subsidy, Al-Neyadi said, adding that the new prices will be effective 1 August.