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The Ministry of Energy has announced that fuel prices would be deregulated as of August 1, 2015. A new pricing policy linked to global prices will be adopted. The decision, related to gasoline and diesel, is aimed at supporting the national economy, lowering fuel consumption, protecting the environment and preserving national resources.
Suhail Al Mazroui, Minister of Energy, said that in accordance with the new pricing policy that has been ratified by the UAE Cabinet, a fuel price committee has been set up to review fuel prices against average international levels prior to their implementation in the UAE every month. Chaired by the Undersecretary of the Ministry of the Energy, the committee includes as members the Undersecretary of the Ministry of Finance, CEO of ADNOC Distribution, and CEO of Emirates National Oil Company (ENOC).
Making the announcement, Suhail Al Mazroui, Minister of Energy, said: "The decision to deregulate fuel prices has been taken based on in-depth studies that fully demonstrate their long term economic, social and environmental impact. The resolution is in line with the strategic vision of the UAE government in diversifying sources of income, strengthening the economy and increasing its competitiveness in addition to building a strong economy that is not dependent on government subsidies. This step will put the UAE at par with countries that follow sound economic methodologies. It is also anticipated to improve the UAE's competitiveness while positioning the nation on international indices."
Speaking on the environmental benefits of the decision, Suhail Al Mazroui said that deregulating fuel prices would help decrease fuel consumption and preserve natural resources for future generations. It will also encourage individuals to adopt fuel-efficient vehicles, including the use of electric and hybrid cars.
He noted that the decision would encourage the use of public transport. The transport sector was responsible for 22% of the total greenhouse emissions in the UAE in 2013 amounting to 44.6 million tons of carbon dioxide. Given this stark reality, he added that increasing the use of public transport and reducing dependence on individual vehicle usage will have a positive impact in lowering carbon emissions. In this regard, the Minister of Energy pointed out that the UAE has an advanced public transport system with options that are environmentally friendly such as taxis that work on natural gas.
How #fuel prices in #UAE will be affected from August 1 http://t.co/C9Tl90kIri pic.twitter.com/ydl0T07ZRJ
- Khaleej Times (@khaleejtimes) July 26, 2015
The Minister said: "Considering the international prices of oil and petroleum derivatives, we expect diesel prices to go down. This will stimulate the economy as lower diesel price would mean lower operating costs for a wide number of vital sectors like industry, shipping and cargo among many others."The Emirates called for strengthening the international humanitarian response and providing urgent relief to those in need
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