The cost of a litre of petrol is to rise by almost 25 per cent from Saturday, following the announcement last week that fuel prices are to be deregulated.
All UAE fuel stations will charge Dhs2.14 for Special 95 unleaded petrol throughout August, up from Dhs1.72, an increase of 24.4 per cent, state news agency WAM reported.
Stations will also charge Dhs2.05 for a litre of diesel, a drop of 29 per cent from the current price of Dhs2.90.
The Ministry of Energy’s fuel pricing committee, which includes representatives from each of the fuel companies, set the new price on Tuesday afternoon.
A new price linked to rises and falls in the global market will be set on the 28th of each month.