The UAE ministry of energy announced it will again lower domestic prices for gasoline and diesel in December, reported Arabian Business.
The price of a litre of octane 95 gasoline will drop 1.15% to $0.46 in November, the ministry said in a statement, without revealing details of its new formula.
It did not say if subsidies would be removed entirely either, saying instead that prices would be “based on the average global prices with the addition of operating costs”.
The Fuel Price Follow-up Committee, chaired by Dr Matar Hamed Al Neyadi, Under-Secretary of the Ministry of Energy, sets prices on a monthly basis.
In other news, even with low oil prices the UAE is still doing well in the petrochemicals sector, according to Eye of Dubai.
The United Arab Emirates Petrochemicals Report Q1 2016, published by Business Monitor International (BMI) Research, said the UAE petrochemicals industry will see strong growth in output in 2016 as it continues its massive capacity expansion.
The report said that by 2016 ethylene capacity of 5m tons per annum in the UAE, up from 2 million tons per annum in 2013, with Polyethylene (PE) more than tripling to 3.52m tons per annum and Polypropylene (PP) rising by nearly 170% to 2.14m tons per annum over the period.
Trade Arabia also noted that the UAE will host the 13th edition of ArabPlast, the world’s leading plastics and petrochemical show, from 8–10 January 2017 at the Dubai International Exhibition and Convention Centre.
The bi-annual event will provide updates into the petrochemical industry, and will witness the largest participation in its history, with expectations of display of high end machineries from Asia and Europe.
“ArabPlast 2017 has attracted a wide array of petrochemical and plastics companies. Leading companies of plastics and rubber industry participate in the show to unveil ground-breaking product solutions, cutting-edge technologies, and revolutionary ideas. Also, we anticipate a series of international alliances at the show in its upcoming edition,” said Satish Khanna, General Manager, Al Fajer Information and Services, co-organizers of the show.