A liter of octane 95 gasoline will climb 24 percent to 2.14 dirhams, while diesel will fall 29 percent to 2.05 dirhams.
Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
The United Arab Emirates has become the first Gulf state to take a major step toward taming the gas-guzzling habits of its drivers, who see cheap fuel as part of their birthright.The UAE said it would raise domestic prices for gasoline and cut them for diesel in a politically sensitive reform designed to save it money and encourage fuel efficiency.The International Monetary Fund projects the UAE will post its first fiscal deficit this year since 2009, and estimates the country spends $7 billion annually on petroleum subsidies.So this month, the UAE said it was shifting from a system of fixed, subsidized fuel prices to one of adjusting prices monthly in response to global trends. The big question for world oil markets is whether other rich Gulf economies may now follow the UAE's example – particularly much bigger Saudi Arabia, where domestic oil consumption is over five times the UAE's level and gasoline at only about 15 U.S. cents per liter, according to globalpetrolprices.com.
FOLLOW THIS ARTICLE