The UAE Ministry of Energy has for the first time in months raised fuel prices for April 2016.
The move comes the price of Brent crude – the global crude oil benchmark – has been creeping up slightly and trading around $40 a barrel for the past couple of weeks.
The Fuel Price Committee has reduced the price of diesel or gas oil by about 11.4% or 16 fils, from AED1.40/litre in March to AED1.56/litre for April.
The prices for gasoline products were also raised considerably by 15 fils per litre each. Prices for E Plus 91 was hiked by 11.6% from AED1.29 in March to AED1.44 for April, unleaded gasoline 95 by 11% from AED1.36 in March to AED1.51 for April, and unleaded gasoline 98 up by 10.2% from AED1.47 in March to AED1.62 for April.
The UAE in August last year took the landmark decision to lift subsidies on fuel prices, by making them ‘market-linked’.
The prices for April will still be lower than the subsidised rates from last August.
The Fuel Price Committee has been tasked with revising and announcing fuel prices on the 28th of each month (for the following month), although this month the decision came two days ahead of schedule.
Chaired by the Undersecretary of the Ministry of the Energy Dr. Matar Al Neyadi, the committee includes members including the Undersecretary of the Ministry of Finance, CEO of ADNOC Distribution, and CEO of Emirates National Oil Company (ENOC).
