Will petrol prices go down in UAE?
Federal National Council (FNC), UAE's leading authority that represents the general emirati people, has asked the government to reduce the price of petroleum.
The FNC that consists of 40 members demanded that prices should be brought in line with the rest of the GCC nations. The ministry of Energy is maintaining that UAE petrol prices are tied to global market. Unfazed by the government's stance, FNC has decided to form a temporary committee to consider the potential consequences of reducing petrol prices. "UAE prices are tied to the global market. Neighboring countries' prices are different because they subsidise petrol," Minister of Energy, Mohamed Al Hamili, said recently.
Ahmed Al Zaabi of the FNC maintains that UAE's oil production, which is greater than some other GCC members, should allow it to sell petrol for less. "Look at the GCC, in Qatar a litre is Dh1, and in Saudi Arabia around that, and the same in Oman - and it doesn't produce much, less than here," Al Zaabi added.