The Fuel Price Committee, chaired by Dr Matar Al Nyadi, Undersecretary for the Ministry of Energy, has announced the revised petrol and diesel prices for the month of February 2016 across all petrol stations in the UAE.
In line with the declining global oil prices, the revised price for the most popular 95 Octane (special grade) in the UAE has been set 7 per cent lower than for the current month, making residents happier as this would mean even lesser spend at the pump next month.
The new pricing will become effective at midnight February 1, Monday, in line with the new system that has been in place since August 2015.
February Petrol & Diesel Retail Prices in UAE
The price of diesel will be down almost 15 per cent, from Dh1.61 per litre to Dh1.37 per litre, boosting business prospects as diesel is the fuel used in transportation trucks that ferry goods around the country.
Diesel price has seen a dramatic decline from pre-fuel deregulation days, when it was set at Dh2.9 per litre. It is now less than half of that price, down 52.75 per cent to Dh1.37 per litre as set for the month of February.
The price of Special grade petrol, on the other hand, has seen a decline of 8.13 per cent from pre-deregulation days while Super grade (98 octane) is down 7.65 per cent. The cheapest grade of petrol (E Plus, 91 octane) has seen a decline 13 per cent, from Dh1.61 per litre until July 31, 2015, to the February rate of Dh1.4 per litre.