Dubai

UAE New petrol price announced effective from Saturday

UAE New petrol price announced effective from Saturday

Following last week’s announcement regarding deregulation of fuel prices in the UAE, the Ministry of Energy has announced new prices of petrol and diesel in the country.

UAE New petrol price announced effective from Saturday August 1, 2015, 95 octane petrol (special grade) across fuel stations in the UAE will cost Dh2.14 per litre, up 24.4 per cent from Dh1.72 per litre that UAE residents currently pay.


The super grade of petrol (98 octane) will cost Dh2.25/l, up 22.9 per cent from Dh1.83/l that residents currently pay (until July 31, 2015).

UAE New petrol price

UAE’s fuel price deregulation: New petrol & diesel retail prices

Product

Current (Dh/l)

New* (Dh/l)

Change (%)

Unleaded Gasoline 98 (Super)

1.83

2.25

22.9

Unleaded Gasoline 95 (Special)

1.72

2.14

24.4

Gasoline E Plus 91

1.61

2.07

28.6

Diesel^

2.90//2.35

2.05

 

Source: Ministry of Energy; *New retail prices as announced on July 28, 2015. To come into effect from August 1, 2015; ^Diesel prices in Dubai and N. Emirates, and Abu Dhabi, respectively

The price of diesel, on the other hand, has been reduced to Dh2.05/l. Diesel currently retails at Dh2.90/l in Dubai and the northern emirates, including Sharjah, Ajman, Umm Al Quwain, Ras Al Khaimah and Fujairah. The current price of diesel in Abu Dhabi is Dh2.35/l.


The ministry’s move to deregulate the fuel price came as per a decision issued by the UAE Cabinet based on a study submitted by the ministry.

The Fuel Price Committee, chaired by Dr Matar Al Nyadi, Undersecretary for the Ministry of Energy, today announced the gasoline and diesel prices for the month of August 2015 across all petrol stations in the UAE.

The announcement was made at the committee’s meeting that was attended by its members including Younis Khouri, Undersecretary for the Ministry of Finance, Abdullah Salem Al Dhaheri, CEO of Adnoc Distribution, and Saif Al Falasi, CEO of Emirates National Oil Company (Enoc).

fuel

Dr Matar Al Nyadi said the committee based the new prices on the average global prices for gasoline and diesel during the month of July with the addition of transport, distribution and operating costs – as approved by the Cabinet for distribution companies.

He added that the Fuel Price Committee will monitor the global prices of gasoline and diesel on a daily basis and will announce the prices for the following month on the 28th of each month based on average global prices during that month.

He noted that the reduction of diesel prices for August from Dh2.90 to Dh2.05 will serve as a stimulating factor for the economy. This will enhance the competitiveness of the national economy, reduce the prices of commodities and eventually reflect positively on the economy.

He added: “The Ministry has coordinated with all relevant entities in the country including the Ministry of Economy and the Supreme Committee for Consumer Protection to monitor the movement of prices and safeguard the rights of consumers. This will ensure that people across the country benefit from lower diesel prices, which would mean lower operating costs for a wide number of vital sectors such as industry, shipping and cargo.

As for the increase in gasoline prices, the impact on individuals is estimated to be minimal, with the price to completely refuel cars with four cylinders will increase on average by nearly Dh18, for 6 cylinder on an average by nearly Dh25 and 8 cylinder by Dh45.

The ministry maintains that such an increase will not create an additional burden on car owners with limited incomes. In addition, it will promote rationalised consumption and incentivise people to choose most fuel-efficient cars while curbing the increase in the number of cars on the country’s roads in the future.

The ministry had previously clarified the reasons behind the deregulation move and the mechanism behind determining and monitoring the fuel prices in the local market.

A committee has been formed, which includes representatives from the Ministry of the Energy, Ministry of Finance, Adnoc Distribution and Enoc, which will meet in the last week of every month, and announce the next month’s price on the 28th of the previous month. Read More

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