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UAE hikes petrol prices by 24%: Job cut worry for expatriates | As the UAE raised the petrol price, and eliminated the subsidy, the
expatriates and other residents expressed their fear that prices of essential
goods will go up, eating up the chances of savings, and there will be adverse
impact on the job sector. |
ABU DHABI: The UAE on Tuesday raised the petrol prices by a steep 24 per cent
to come into effect from August 1, ending decades-long subsidies, to bring the
prices on par with the international level.
The decision amounts to elimination of the subsidy regime which the government
claims will boost up the economy. On the other hand, expatriates and other
residents of the UAE are worried the prices would shoot up and the employment
sector will also be hit.
The Ministry of Energy claimed that a reduction of diesel prices by 29 per cent
will stimulate the economy, and will compensate for the petrol hike. It said it
should reduce the prices of commodities. The government visualises overall
improvement in economy.
Diesel prices have been reduced by 29 per cent and petrol prices increased by
about 24 per cent for the month of August.
According to Ministry statements, unleaded gasoline 95 Octane rose 24.41 per
cent from Dh1.72 per litre to Dh2.14 per litre. Similarly, 98 Octane new rates
reached at Dh2.25 per litre from Dh1.83 per litre, reflecting an increase of 22.95
per cent while E-Plus 91 prices recorded highest rise in prices as it climbed 28.57
per cent from Dh1.61 per litre to Dh2.07 per litre, Khaleej Times quoted from the
ministry website.
It was reported last week that the fuel prices would be deregulated and would
be linked with global prices.
By and large, the residents have expressed shock over the decision to raise the
price of petrol. Some local residents said that the hike deprives the incentive for
expatriates to work in the UAE. There won't be any savings left, some people
rued. The steep hike is also expected to have adverse impact on the employment
front. The move will primarily disadvantage the low-income residents and the
security of rtheir jobs.
The oil companies in Abu Dhabi have welcomed the the deregulation of oil prices.
"We support the decision liberalising the prices as it will help rationalise fuel
consumption, conserving the environment and protecting natural resources for
generations yet to come," Khaleej Times quoted Abdullah Salem Al Dhahiri, chief
executive officer (CEO) of Abu Dhabi National Oil Company or Adnoc, as
saying.
Economists have said the deregulation of petroleum prices helps government to
utilise funds for productive investments instead of wasteful subsidies.
July 28, 2015 |
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From the Web |
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