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    UAE fuel price deregulation: Petrol prices to increase, diesel prices to reduce

    Abu Dhabi: Diesel prices will go down whereas petrol prices will trend upwards due to the UAE government's decision to deregulate fuel prices from August 1, a top official of the Ministry of Energy told Gulf News.

    Matar Al Neyadi, Undersecretary of Ministry of Energy, said the decision will have a positive impact on the economy.

    "Diesel prices will go down and petrol prices will increase little bit due to the decision. It will have a positive impact on the economy as the cost of goods will reduce due to decrease in diesel prices," he said.

    The increase in petrol prices on the other hand will discourage people from using their cars, he said. "It will be good for the environment as emissions will be reduced. Transportation sector is the second most source of green house gas emissions in the UAE," he said.

    He said fuel prices will be announced on 28th of every month for the following month and will be linked to international petrol and diesel prices.

    According to him, it has nothing to do with the falling oil prices. "The UAE economy is strong and stable. Drop in oil prices has not affected the economy. The decision to deregulate fuel prices was under review for some time now."

    "It will increase the competitiveness of the UAE economy and enhance the free market. We are very positive about it," he said.

    It is not known to what extent prices will increase or decrease due to the latest announcement by the Ministry of Energy.

    Earlier in the day, Suhail Al Mazroui, Minister of Energy, said that in accordance with the new pricing policy that has been ratified by the UAE Cabinet, a fuel price committee has been set up to review fuel prices against average international levels prior to their implementation in the UAE every month.

    He said the decision to deregulate fuel prices has been taken based on in-depth studies that fully demonstrate its long term economic, social and environmental impact.

    "The resolution is in line with the strategic vision of the UAE government in diversifying sources of income, strengthening the economy and increasing its competitiveness in addition to building a strong economy that is not dependent on government subsidies."

    Sachin Mohindra, a Portfolio Manager and senior vice president of Invest AD, it will have a positive impact on the economy in the long run but in the short term it will have some impact on inflation.

    "It is a good step towards further strengthening of the UAE’s already robust fiscal position and diversification of the sources of revenue for the Government. Rationalisation of subsidies is good for the economy. It leads to transparency ."

    "It is good for the industry if the diesel prices get reduced but petrol prices going up might increase the inflation even though it could be minor. We have to analyse to what extent the inflation will be increased due to the decision."

    The decision to deregulate fuel prices should not be linked to drop in oil prices, he said.

    "Gradual rationalisation of subsidies was in discussion since from a long time even before oil prices went down in December last year. Even the rating agencies and financial institutions have been advising regional governments to relook at subsidy structure."

    Source: UAE fuel price deregulation: Petrol prices to increase, diesel prices to reduce | GulfNews.com
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    #2
    That sucks, I'm hearing that it might even double.....

    Comment


      #3
      possibly....the global average is AED4.4/Litre, currently we are at AED1.72/Litre. Most likely they will slowly hike it up to match global average. I hope I am wrong :(
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        #4
        hmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmmm
        Drive To The Satisfaction... A Dreamer's Pursuit

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        Comment


          #5
          we'll get to know tomorrow about the prices for August.....expect a mad rush towards the end of the month to fill up tanks
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            #6
            Group buy?
            Drive To The Satisfaction... A Dreamer's Pursuit

            2013 F10 M5 - M Drivers Package
            Alpine White / Sakhir Orange

            Mods: ZCP Kidney Grilles

            2009 E92 M3 - M Drivers Package
            Melbourne Red / Imola Red [Manual] (SOLD)

            Mods: Full Catless AlphaMale Performance Valvetronic Exhaust | Macht Schnell Stage 2 Air Intake | H&R Lowering Springs | ECS Tuning Spacers | Carbon Fiber Front Splitters | Glossy Black Kidney Grilles | Plasti-Dipped Fender Grilles | LCI Tail Lights | Carbon Fiber H-Style Diffuser | Stage 2 Tune (Simon MotorSport) | Macht Schnell Pulleys | Carbon Fiber LowKick Trunk Spoiler

            2003 E46 M3 - Carbon Black / Imola Red (BLOWN)
            Mods: Rear Smoked LEDs | Front Smoked Corner Lights | 4300K Phillips 85122+ Bulbs | BMC Drop-In Panel | Matt Black Kidney Grilles | 7500K CCFL | Matt Black Side Grilles | FOX SS Muffler | VIEZU Remap | CSL Carbon Fiber Splitters | EvoSport Under Drive Pulley Kit | K&N Cold Air Intake | K&N Scoops | Hawk Carbon-Ceramic Brake Pads | R1Concepts Zinc-Coated Cross-Drilled Rotors | Agency Power Stainless Steel Braided Brake Lines | Hyper Black M3 Competition Rims | FXR Bi-Xenon Projectors w/ Clear Lenses | 70% 3M Tinting
            1997 E39 528i - Champagne Beige / Sand Beige (SOLD)
            Mods: Front & Rear OEM Facelift | K&N Cold Air Intake | Straight Pipes | MAF Delete | Custom Made Air Intake Elbow | 3.15 LSD Differential | SplitFire Spark Plugs | E36-7 Z3 OEM 17" Rims | 50% 3M Tinting

            Need Assistance?
            eMail:
            Rafik@bmwclubuae.com


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            Comment


              #7
              lol yea....BMW club group fill up!
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                #8
                Here we go. Price up approx 25%...

                UAE’s new petrol price effective Saturday announced - Emirates 24|7
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                Comment


                  #9
                  The UAE fuel prices committee has announced the following fuel prices for August.

                  Unleaded gasoline 98 in the UAE will increase from Dh1.83 to Dh2.25, E-plus 91 will be Dh2.07, diesel will be Dh2.05/litre.
                  Unleaded Gasoline 95 in UAE will increase from Dh1.72 to Dh2.14:

                  Petrol prices are up by 42 fils from Dhs1.72 per liter to Dhs2.14 liter and diesel prices have been reduced from Dhs 2.90 per liter to Dhs 2.05 per liter as per the new fuel prices set by the Ministry of Energy for the month of August, it was announced on Tuesday. Diesel price is reduced by 85 fils.
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                    #10
                    bloody hell… iam selling my zed and buying a diesel … :drool:…. NOT!!
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