UAE increases Petrol prices by 42%

Posted on Jul 28, 2015 by

Following last week’s statement on the increase in petrol costs, the Ministry of Energy has confirmed prices for the month of August. The price of Octane 95 (Special), the most widely used of them all, has increased by 42 fils from AED 1.72 per litre to AED 2.14 per litre. Meanwhile, Octane 98 (Super) and Octane 91 (E-Plus) have both increased to AED 2.25 per litre and AED 2.07 per litre respectively. Diesel, however, has seen a drop from AED 2.90 per litre to AED 2.05 per litre.

Petrol Prices August UAE

This is the first time the government is undertaking such an initiative. The government had subsidised petrol for three decades, which kept prices lower than the international average. The new prices are based on average international levels and will be reviewed by a fuel price committee every month prior to its implementation in the .

According to Dr Matar Al Nyadi, the Fuel Price Committee will monitor the global prices of gasoline and diesel on a daily basis and will announce the prices for the following month on the 28th of each month based on average global prices during that month.

Statistics issued by the Ministry of Energy claim that the fewer number of cylinders a car runs, the less impact the price rise prices would have on its owners. According to their statistics, the price increase for people running a 4-cylinder vehicle is approximately AED 18 at each fill up, while those owning vehicles with six or eight cylinder should be looking at an increase of AED 25 and 45 respectively.

Source: Gulf News

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