UAE cuts fuel oil prices

The United Arab Emirates (UAE) reduced fuel oil prices after a break of six months and the new prices were effective from August 1.

The price of Super 98 petrol has been fixed at 4.03 dirhams per litre, which was 4.63 dirhams in July. The price of Special Petrol will be 3.92 dirhams, which was 4.52 dirhams last month. E-Plus will be sold at 3.85 dirhams, down from 4.44 dirhams, and diesel 4.14 dirhams, down from 4.76 dirhams.

Fuel prices in the UAE have doubled this year. Oil prices hit their highest level in July since the government announced deregulation in 2015.

Fuel oil prices were increased six times in the current year. However, the UAE's energy ministry has claimed that the rise in oil prices was lower in the western Asian country compared to the global markets.

The local and expatriate residents have expressed satisfaction over the price cut as, they said, they have been suffering from the spiralling oil prices in the past six months.

Rashedur Rahman Chowdhury, a Bangladeshi engineer based in the UAE, said the price of Special Petrol has been hovering between 1.80 and 2 dirhams for almost an era.