What’s On has details of new fuel price in the UAE from August 1. This step links UAE gasoline prices to global oil markets.

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Up until now, UAE residents have enjoyed some of the lowest domestic fuel prices in the world. This is due to heavy government subsidies that have helped keep prices lower than the norm.

But in an announcement carried by news agency WAM last week, the UAE will link its gasoline and diesel prices to global oil markets from as early as August 1.

Today the Ministry of Energy has stated that petrol prices across the UAE will increase from Dhs1.73 per litre of Special 95 to Dhs2.14, a total increase of 23.6 per cent.

The price increase is part of a state plan “aimed at supporting the national economy, lowering fuel consumption, protecting the environment, in addition to building a strong economy that is not dependent on government subsidies”, Minister of Energy Suhail Al Mazrouei said.

The revised price for Super 98 has been set at Dhs2.25 and E Pluse at Dhs2.07. However, Diesel prices have been reduced from Dh2.90 to Dh2.05 per litre.

The ministry will be deciding on the 28th of each month the levels of domestic fuel prices for the following month. Prices are said to be set based on an average of global prices, but the statement did not give full details of the pricing formula or say whether prices would rise all the way to global levels.