UAE fuel prices to drop in January

ABU DHABI — The UAE’s fuel prices will be lower in January compared to December, announced the Undersecretary of the Ministry of Energy, Dr. Matar Al Neyadi, on his official Twitter account. “The fuel price committee will meet [today]. It is expected that January prices will be lower than December for both diesel and gasoline,” he tweeted. The fuel price committee, headed by Dr. Neyadi, also includes the Undersecretary of the Ministry of Finance, head of Adnoc Distribution, and head of Enoc. The prices, per litre, for December are: $0.49 (AED 1.79) for Super 98, ($0.46) AED 1.68 for Super 95, ($0.44) AED 1.61 for Plus-91, and ($0.50) AED 1.83 for diesel. In the past few months, the global benchmark has been dropping due to over production and weak demand. Oil prices have dropped from $115 (AED 422) per barrel in June 2014 to $40 (AED 147) this year. In July this year, the Ministry of Energy adopted a new pricing policy linked to global rates. As a result, petrol prices increased by 29 percent and diesel prices reduced by 24 percent. However, as international oil prices plunged, fuel prices dropped again. — Agencies