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The UAE is the first Gulf Arab oil producer to move to reduce subsidies for transport fuels. Under a new pricing policy, gasoline and diesel pump prices will be set each month, linked to average international prices.
The UAE Ministry of Energy says that transport fuel prices will be deregulated from 1 August, under a new pricing policy aimed at linking domestic prices to those on global products markets. The ministry says the aim is to support the national economy, lower fuel consumption, protect the environment and preserve national resources.
Minister of Energy Suhail al-Mazru’i says that the UAE cabinet has ratified a plan to set up a fuel pricing committee, which will each month review international gasoline and diesel prices prior to setting prices for transport fuels throughout the UAE.
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