The UAE Ministry of Energy has announced higher fuel prices for September from the previous month, with diesel and petrol becoming costlier by 12 fils each.
This is the sixth increase in rates for the fuel prices this year after the Ministry of Energy hiked prices in January, February, March, May and August, in line with the international crude oil prices which have been fluctuating due to a variety of factors.
The Fuel Price Committee has set the prices per litre at AED2.01 for Super 98 – hiked from AED1.89; AED1.9 for Special 95 – up from AED1.78; and AED1.83 for E Plus-91 – an increase from the AED1.71 in August. The price for diesel has been raised to AED2 per litre from AED1.88 in August.
The fuel prices are calculated based on the average global prices for diesel and petrol, with the addition of operating costs and profit margins of the distributing companies in the UAE. Brent crude, the global benchmark is currently trading at around $52 per barrel.
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 bloc.
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).
