The UAE Ministry of Energy has reduced pump prices for transport fuels in the second month of market-linked pricing since the start of a subsidies reduction initiative on 1 August. For September, diesel prices were reduced by Dh0.19/liter and gasoline prices were cut by Dh0.18/liter, or by around $0.05/liter ($1=Dh3.67).
The price reductions, 9.3% for diesel and 8.4% for 95 RON gasoline, reflect price declines for Middle East spot market gasoline and diesel in August – although they were not so large. Middle East spot gasoline fell from an average of around $73/B in July to a $62/B for the first few weeks of August, while diesel fell from $60B to $51/B – a fall of about 15% for both. (CONTINUED - 466 WORDS)