On Sep. 28, Monday, the Ministry of Energy has announced the new petrol prices for October, which would be less compared to the last month.

According to Gulf News, the diesel price though has gone up a little bit with Dh 1.89 (or United States $0.51) per liter, while the petrol prices per liter are as follows:

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* Super 98 - Dh 1.90 (or $0.52)

* Special 95 - Dh 1.79 (or $0.49)

* E Plus-91 - Dh 1.72 (or $0.47)

These new fuel prices will take into effect starting Oct. 1.

A meeting held under the chairmanship of Dr. Matar Al-Neyadi, Under Sectretary of the Ministry of Energy in Abu Dhabi, has made the decision for the new petrol prices.

The Ministry of Energy has announced in July that petrol prices would be deregulated, and also, a new pricing policy that is linked to global prices would be adopted.

Following the meeting's decision made then, petrol prices increased by merely more than 20 percent and diesel prices were reduced by 29 percent in August. As for September, the fuel prices have dropped by more than 8 percent as the global oil prices hit low because of over production but weak demand.

The September per liter prices then are as follows:

* Super 98 - Dh 2.07 ($0.56)

* Special 95 - Dh 1.96 ($0.53)

* E Plus-91 - Dh 1.89 ($0.51)

* Diesel - Dh 1.86 (or $0.51, which is fixed)

Meanwhile, Al Arabiya News reported that the raise of domestic prices for gasoline and cut them for diesel in July would save money and encourage fuel efficiency in a politically sensitive reform.

The Oil Minister of the United Arab Emirates' Gulf neighbor, Kuwait, said on Monday that an OPEC summit and non-OPEC summit members would be pointless because independent producers are not really committed to cutting output, which is suggested by Venezuela.

Therefore, UAE does not see to hold a summit or interfere in the oil market as the meeting would lead to negative impact on fuel prices.

Tagsfuel prices, Ministry of Energy, OPEC summit, gasoline, diesel, Kuwait