Abu Dhabi: The Ministry of Economy said that the revised fuel prices in the UAE from August 1 will not have an adverse impact or lead to any increase in the prices of consumer goods.
The Ministry is also set to work with other authorities across the country to tighten control over the market, and prevent any attempt to exploit the decision to change fuel prices.
In a statement issued by the Ministry, officials said that projections indicate that diesel prices will decline markedly triggering a reduction in transport costs of consumer goods. This will then ensure that the prices will eventually decrease rather than climb further.
Mohammad Al Shehhi, undersecretary at the Ministry of Economy’s Department of Economic Affairs, said that consumer prices will be subject to continued monitoring by the Ministry’s Consumer Protection Department.
He added that the ministry will not tolerate violations to the law or any attempt to unfairly increase or manipulate prices.
Al Shehhi said that the country’s judicial system gives the ministry absolute legal authority to issue fines according to the nature of violations. The Federal Law No. 7 of 2011 was introduced as a modification to Law No. 24 of 2006 to intensify penalties on tradesmen who sell overpriced items.
In 2014, the Ministry of Economy told all retail outlets and restaurants in the UAE that unwarranted price increases would not be approved unless they receive formal approval through applications submitted to the ministry.
The ministry is expected to escalate market supervision in the UAE following new fuel prices from August 1.
