Abu Dhabi: The Ministry of Energy announced on Thursday the new petrol prices for the month of September.
New prices are: Super 98, Dh2.07 per liter; Special 95 Dh1.96 per liter; E Plus 91, Dh1.89 per liter. Diesel price has been fixed at Dh1.86 per liter.
The announcement comes as oil prices tumble across the globe. From a peak of $115 (Dh422.39) in June last year, oil prices dropped to less than $45 this week.
The fuel price committee took into account the average international prices when fixing the fuel prices for September.
The new prices will come into effect starting Tuesday, September 1, 2015.
Dr Matar Al Nyadi, Undersecretary Ministry of Energy, said in a statement: “The prices are based on the average global prices for diesel and petrol with the addition of operating costs and profit margins of the distributing companies. The Fuel Price Committee will next meet on September 28 to agree on the prices for the month of October.”
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.
إعلان أسعار الوقود لشهر سبتمبر 2015 pic.twitter.com/MBKLHgoL68— Ministry of Energy (@UAE_Moenr) August 27, 2015
Credit ratings agency Fitch said pre-tax energy subsidies in the UAE will amount to $12.64 billion or 2.87 per cent of the gross domestic prorduct in 2015.
Fitch said the successful implementation in the UAE while oil prices are low could increase public acceptance of a subsidy reform elsewhere in the region, boosting the prospects for reform.
