Abu Dhabi: The new fuel prices for November will be lower than those before the government started implementing the deregulation of prices in August, a Ministry of Energy official said.
The per litre prices announced by the government are Super 98-Dh1.81; Special 95-Dh1.70; E Plus-91-Dh1.63. The diesel price has been fixed at Dh1.87 per litre. The new fuel prices will come into effect from November 1.
“Prices for November will be lower than those before the government started the deregulation of prices. This shows the efficiency of price equation that the committee uses,” Dr Mattar Al Neyadi, Undersecretary of Ministry of Energy and head of fuel price committee, said in a statement.
He hoped that the prices of other goods in the country will also drop in line with the reduction of prices of petrol and diesel in order to benefit the consumers.
The fuel price committee took into account average international prices in deciding the fuel prices for November. A profit margin was also added to cover the cost of distribution companies.
According to the Ministry of Energy, the decision is aimed at supporting the national economy, lowering fuel consumption, protecting the environment and preserving national resources.
In July, the Ministry of Energy announced that fuel prices would be deregulated and a new pricing policy linked to global prices would be adopted.
Following the decision, petrol prices increased by more than 20 per cent and diesel prices reduced by 29 per cent for the month of August. For September, fuel prices dropped by more than 8 per cent as global oil prices plunged due to overproduction and weak demand.
The per litre prices for October are Super 98-Dh1.90; Special 95-Dh1.79; E Plus-91: Dh1.72. The diesel price has been fixed at Dh1.89 per litre.
Oil prices have dropped by more than 50 per cent in the last one year due to weak demand and excessive output mainly coming from the US. From $115 per barrel in last June, oil prices fell to less than $50 per barrel in recent times.
Brent Crude was trading at 47.11 per barrel at 1.53pm UAE time. Global prices are unlikely to pick up until the second quarter of next year.
The committee will meet on November 26 to determine prices for December.
