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"Impact on inflation should be minor, particularly as diesel prices have dropped, and that drives commercial transport."
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The project will eventually consist of four nuclear power generating units with a combined capacity of approximately 5,600 MW and their associated facilities.
Kuwait and Saudi Arabia are already working on plans to link fuel prices to market movements.
The government announcement on Wednesday has been appreciated by economists, businesses and other stakeholders who say it aimed at sustainable economic growth and development.
Ministry to decide fuel prices based on global average on 28th of every month.
"We support the decision liberalising the prices as it will help rationalise fuel consumption, conserving the environment and protecting natural resources for generations yet to come."
Government can channelise funds into infrastructure, education and healthcare, say economists.
Dewa closes financial close for second phase, Dh30b project to generate 1,000MW by 2019