UAE easing gasoline, diesel price controls

The United Arab Emirates is moving prices of gasoline and diesel toward deregulation effective Aug. 1.

The Ministry of Energy said a committee will set prices monthly in accordance with average international levels.

Chaired by the energy ministry undersecretary, the committee includes the undersecretary of the Ministry of Finance and the chief executive officers of ADNOC Distribution and Emirates National Oil Co.

According to the energy ministry, prices last year were $1.67/gal for regular gasoline, $2.42/gal for diesel in Abu Dhabi, and $3.52/gal for diesel in northern emirates.