The United Arab Emirates will lower domestic prices for gasoline and diesel in February, the ministry of energy has revealed.
The price of a litre of octane 95 gasoline will fall to $0.4003 (AED1.47) at the start of February from $0.43 (AED1.58) in January.
Meanwhile, the domestic diesel price will fall 15% to $0.37 (AED1.37) in February from $0.44 (AED1.58) in January, the ministry announced in a statement.
In July, the UAE said it was shifting from a system of fixed, subsidised fuel prices to adjusting prices monthly in response to global trends.
It did not reveal details of its new formula nor say whether subsidies would be removed entirely, but announced that fuel prices would be “based on the average global prices with the addition of operating costs”.Â
