The UAE will lower domestic prices for gasoline and diesel in December, the ministry of energy said on Thursday.

 

The price of a litre of octane 95 gasoline will drop 1.15 percent to Dh1.68 ($0.46) from Dh1.70 in November, the ministry said in a news release.

 

The domestic diesel price will fall to Dh1.83 from Dh1.87 in November, the ministry said.

 

In 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 prices would be "based on the average global prices with the addition of operating costs". --Reuters