The UAE Ministry of Energy has announced reduced fuel prices for April 2017 from the previous month, the first time this year that prices have been lowered.
The move comes as the price of Brent crude – the global crude oil benchmark – has remained subdued and trading around $52 a barrel for the past couple of weeks.
The Fuel Price Committee has set the prices per litre at AED1.95 for Super 98 – down from AED2.03; Special 95 – AED1.84 down from AED1.92; and E Plus-91 – AED1.77 down from AED1.85. The price for diesel has been reduced to AED1.95 per litre from AED2.02.
The UAE in August 2015 took the landmark decision to lift subsidies on fuel prices, by making them ‘market-linked’ – the first such pragmatic move in the oil-rich GCC.
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 the CEO of Emirates National Oil Company (ENOC).
