United Arab Emirates lifts fuel subsidies
The United Arab Emirates government had subsidized fuel for three decades and this situation kept prices lower than the international average. However, with the new regulation, these subsidies have been removed.
The government sees the abandonment of subsides as an effort to save the government money and to boost the country’s economy as well as an encouragement to motorists to use fuel more efficiently.
According to a local newspaper, Energy Minister Suhail al-Mazrouei reported that fuel prices would still remain relatively low. Despite the initial rise, overall fuel costs in the United Arab Emirates remain relatively low compared with other countries around the world, especially in Europe.
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