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DUBAI: The UAE will raise domestic prices for gasoline and diesel in April after global oil prices increased, the ministry of energy said.
The price of a liter of octane 95 gasoline will rise to AED1.51 at the start of next month from 1.36 dirhams. The domestic diesel price will increase to AED1.56 from AED1.40.
Last July, the UAE said it was shifting from a system of fixed, subsidised fuel prices to adjusting prices monthly in response to global trends.
It did not reveal details of its new formula nor say whether subsidies would be removed entirely, but announced that fuel prices would be “based on the average global prices with the addition of operating costs.”
Oil prices are about 50 percent higher than multi-year lows hit in January due to worries about an oversupply of crude.