ABU DHABI // Masdar on Thursday commended the move to deregulate fuel prices.
“We support initiatives such as this to promote energy efficiency and a more sustainable energy future for the UAE,” Dr Ahmad Belhoul, chief executive, said.
“By allowing fuel prices to move closer to the market reality, we can advance smart choices, such as electric vehicles and renewables, which can help meet our transportation and energy needs with fewer emissions.”
The decision to adopt a new pricing policy linked to global prices was announced on Wednesday by the Ministry of Energy. The removal of current regulations on fuel and diesel prices will go into effect August 1.
A fuel committee has been set up to review prices against average international levels. A litre of petrol currently sells 1.73 dirhams (47 US cents).
newsdesk@thenational.ae
