UAE moves to curb price hikes despite rising global fuel costs
New mechanism aims to stop unjustified increases in consumer goods prices
Abu Dhabi: The UAE has taken measures to limit the impact of fuel price increases on consumer goods, Suhail Mohammed Al Mazrouei, Minister of Energy and Infrastructure, said.
He added that global fuel price rises, driven by developments involving Iran, have disrupted supply chains and affected the wider global economy, but stressed that the UAE has introduced a mechanism to prevent unjustified increases in consumer prices.
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Al Mazrouei noted that goods are impacted by multiple factors before reaching the UAE, not just fuel costs. Despite this, he said a new mechanism has been introduced, in coordination with the Ministry of Economy and Tourism, to ensure that any increase is not exploited.
He explained that goods are transported in bulk containers and that shipping costs represent only a small portion of the overall value chain. Authorities are now making this percentage clear to prevent carriers or traders from inflating prices.
