Arab Today, arab today new uae fuel prices to be announced on tuesday
Last Updated : GMT 10:44:37
Arab Today, arab today
Arab Today, arab today

New UAE fuel prices to be announced on Tuesday

Arab Today, arab today

Arab Today, arab today New UAE fuel prices to be announced on Tuesday

Oil station
Abu Dhabi - Arab Today

The UAE Ministry of Energy will announce new fuel prices for the month of August on Tuesday afternoon, the first such announcement under the UAE's new fuel pricing scheme.

Petrol prices are expected to go up slightly and diesel prices to go down because of the decision, but analysts were hesitant to provide estimates before the decision.

This is the first time the UAE government is undertaking such an initiative. The government had subsidised fuel for three decades, which kept prices lower than the international average.

The new price will be based on average international levels and will be reviewed by a fuel price committee every month prior to its implementation in the UAE, the ministry of Energy said last week.

Credit ratings agency Moody's said the new fuel price measures are credit positive for the UAE and Abu Dhabi, as they will bolster government finances dented by the downturn in global oil prices. In a report released on Monday, the rating agency said despite progress in diversification, hydrocarbon revenues comprised 75 per cent of the UAE's consolidated revenues in 2014.

"Given our forecast for Brent crude oil prices to average $60 per barrel in 2015, versus $101 in 2014, we expect a 27 per cent drop in consolidated government revenue,” it said.

Moody's said In 2015, the UAE will likely face a fiscal deficit of 2.3 per cent of GDP, its first deficit since 2010, and a decline from a 10.3 per cent surplus in 2014. Phasing out fuel subsidies will partly offset the negative effect of lower oil prices, it said.

Per capita, UAE fuel subsidies equal $730 per resident per year, compared with $2,810 in Qatar and $2,522 in Kuwait.

Bank of America Merrill Lynch said the introduction of UAE fuel subsidy reform is a seminal development and is likely to have a moderate fiscal and inflation impact initially. Similar reforms are likely to gradually gain pace over the medium-term regionally, it said in a research report.

Matar Al Neyadi, Undersecretary of the Ministry of Energy and head of fuel price committee, previously said the increase would be minor and will not impact people much.

"There is nothing to worry about the prices as the increase would be minor. We would announce it on Tuesday,” he told Gulf News.

Abdulla Salem Al Daheri, Chief Executive Officer of Adnoc Distribution, in a statement said the UAE Ministry of Energy decided to deregulate the fuel prices as a positive step towards preserving the country's precious oil wealth for future generations and rationalising its consumption.

"The move will also enhance the competitiveness of our National Oil Companies that have long incurred huge losses running to billions of dirhams in the form of subsidies to fuel prices, while supporting their ongoing endeavours to elevate the quality of services and improve the overall customer satisfaction.”

He said the UAE's decision is aligned with the ongoing global reforms in energy sector to bring about operational efficiency and cut down carbon emissions.
Source: Gulf News

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today new uae fuel prices to be announced on tuesday Arab Today, arab today new uae fuel prices to be announced on tuesday

 



Arab Today, arab today
Arab Today, arab today Fadi Kataya explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Zainab al-Maliki reveals herTV presenter models

GMT 18:12 2017 Friday ,24 February

Zainab al-Maliki reveals herTV presenter models

GMT 05:33 2017 Thursday ,23 February

Oil slips but close to multi-week high

GMT 17:44 2017 Wednesday ,22 February

Gasoline 98 octane price surges LL100

GMT 15:37 2017 Wednesday ,22 February

Nakilat Posts QR 955 Million Profit in 2016

GMT 15:32 2017 Wednesday ,22 February

Laffan Refinery 2 Cost QR 3 Billion

GMT 15:31 2017 Wednesday ,22 February

Oil up 2% as OPEC chief sees higher compliance with cuts

GMT 07:00 2017 Wednesday ,22 February

Oil prices rise on high OPEC compliance with output cuts
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Actress Lobna Abdel Aziz proud of her career

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday