ABU DHABI // Fuel prices will be deregulated from next month and a new pricing policy linked to global prices will be adopted, the Ministry of Energy has announced.
The decision to remove current state regulations on the price of gas and diesel from August 1 is aimed at supporting the national economy, lowering fuel consumption, protecting the environment and preserving national resource, said Suhail Al Mazroui, the Minister of Energy, according to the news agency Wam
“The decision to deregulate fuel prices has been taken based on in-depth studies that fully demonstrate its long term economic, social and environmental impact,” he said.
A fuel price committee has now been set up to review fuel prices against average international levels before the new policy - which has been approved by the UAE Cabinet - comes in to force on August 1. At present, a litre of petrol sells for 1.73 dirhams (47 US cents).
Chaired by the Undersecretary of the Ministry of the Energy, the committee includes the undersecretary of the Ministry of Finance, the CEO of ADNOC Distribution, and the CEO of Emirates National Oil Company (ENOC).
“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,” said Mr Al Mazroui. “This step will put the UAE on 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.”
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More on UAE petrol price deregulation:
› UAE motorists have mixed feelings towards impending petrol price deregulation
› UAE fuel price hike will encourage public transport use, say experts
› Petrol costs in UAE among lowest in the world ahead of August hike
› Petrol price policy to create 'a safer and cleaner UAE', environmentalists say
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The move will also have environmental benefits, will preserve natural resources for future generation and encourage the use of fuel-efficient vehicles, including the use of electric and hybrid cars, said Mr Al Mazroui.
The decision will also encourage the use of public transport rather than a reliance on individual vehicle usage. This in turn will reduce carbon emissions, he said.
The transport sector was responsible for 22 per cent of the total greenhouse emissions in the UAE in 2013 amounting to 44.6 million tons of carbon dioxide.
“Considering the international prices of oil and petroleum derivatives, we expect diesel prices to go down,” said Mr Al Mazroui. “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.” He said the cost of gasoline represents 3 per cent to 4 per cent of an average income in the UAE, which is a reasonable percentage compared to international costs.
Consequently, deregulating prices would not have a notable impact on individuals’ costs of living, he said.
Dr Matar Al Nyadi, undersecretary of the Ministry of Energy and chairman of the newly formed Gasoline and Diesel Prices Committee, said that the role of the Ministry of Energy and Ministry of Finance as the government’s representatives in the committee will focus on consumer protection and ensure that petrol prices are balanced according to international standards.
The committee, he said, will hold regular meetings and monitor global prices.
On the 28th of each month, the committee will announce the prices for the following month. It said gasoline and diesel prices would now be based on an average of global prices, but did not give details of the pricing formula or say whether prices would rise all the way to global levels.
Prices of gasoline and diesel for August will be announced on Tuesday July 28.
The Ministry of Energy has assigned a dedicated number (0565467942) and email (fuelprice@moenr.gov.ae) for public inquiries on the new deregulated fuel prices.
jbell@thenational.ae
Brief scores:
Toss: India, opted to field
Australia 158-4 (17 ov)
Maxwell 46, Lynn 37; Kuldeep 2-24
India 169-7 (17 ov)
Dhawan 76, Karthik 30; Zampa 2-22
Result: Australia won by 4 runs by D/L method
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South Africa squad
: Faf du Plessis (captain), Hashim Amla, Temba Bavuma, Quinton de Kock (wkt), Theunis de Bruyn, AB de Villiers, Dean Elgar, Heinrich Klaasen (wkt), Keshav Maharaj, Aiden Markram, Morne Morkel, Chris Morris, Wiaan Mulder, Lungi Ngidi, Duanne Olivier, Vernon Philander and Kagiso Rabada.
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AT4 Ultimate, as tested
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Why your domicile status is important
Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.
Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born.
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more from Janine di Giovanni
Key facilities
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The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950