They also called for extending the price cut to related items like petrol and gas as well as to other sectors like rent, which will lead to a reduction in the overall cost of living.
Some of the FNC Members also suggested evolution of mechanisms to ensure stable price levels in the domestic oil market. Commenting on the reduction in diesel prices in the local market, FNC Member Dr Abdul Rahim Al Shaheen said it (reduction) should follow the changes in the international oil market. “The price cut will give the economy more flexibility to overcome the global financial crisis,” he said.
He also disclosed that the FNC would be asking questions to Energy Minister Mohammad bin Dhaen Al Hamli on the modalities of dealing with the crises arising out of fluctuating oil price, and evolving strategies to stablise the prices in the local market.
“It is very dangerous to increase and decrease prices randomly. The government should take the right and timely decision,” said Dr Al Shaheen.
FNC Member Ahmed Shabib Al Dhahiri said that even though he welcomed the diesel price cut, further reduction was possible in view of the drastic slide of international oil prices. He said the prices of petrol, gas and other related items should also be cut. Rehab Saleem, an Egyptian sales representative at a leading bank said, “The step is a big relief as it will lead to a reduction in prices of food items. “This is most welcome.”
Sarvesh Jain, who owns a cloth store in Bur Dubai area, said that with the diesel price coming down, the prices of other commodities would be impacted as well. We hope that petrol prices are also cut in the future.”
Faisal Al Arshi, Deputy Director of the Abu Dhabi Cooperative Society said that lowering of prices depends upon factors like low transportation and logistics cost. “Many of these external elements are in place now. But the focus should now be on low rents.”
The system is in line with the country’s climate adaptation programme with a people-centred approach
Global aviation passengers numbers to exceed pre-pandemic levels next year
With strategic investments in modern farming techniques and adherence to international quality standards, Nigeria seeks to become a prominent global exporter of agricultural products
Undercover journalist wrote how young villagers from Myanmar were being flown to Delhi and enticed to sell their kidneys
Renowned artist Refik Anadol's creation draws inspiration from a vast dataset of over 400 million publicly available nature-related images encompassing water, coral, and flora
Country's PMI reaches 57 in November