Urgent UAE: A decision to reduce fuel prices starting tomorrow

Abdallah Shahin - | Business

When compared to the prices that were in effect during the month of November 2023, the Feeling Prices Follow-up Committee gave its approval to a reduction in the prices of gasoline and diesel for the month of December 2023. The reduction was seven and eight dollars for gasoline and twenty-three fils for diesel per liter.

The fuel distribution firms have announced the new pricing, with the stipulation that the application takes effect on Friday, December 1, 2023. This is due to the fact that the new value-added tax price includes a 5% increase.

The price of a liter of super gasoline "98" dropped by seven dollars, going from 3.03 dirhams in November to 2.96 dirhams in December. Similarly, the price of a liter of gasoline "95" dropped by seven dollars, going from 2.92 dirhams in November to 2.85 dirhams in December. Additionally, the cost of a liter of gasoline "Eblus" "91" dropped by eight dollars, going from 2.85 dirhams in November to 2.77 dirhams in December. This is a decrease of eight dollars. The price of a liter of diesel changed from 23 fils per liter in November to 3.42 dirhams in December. In December, the price of a liter of diesel was 3.19 dirhams.

In contrast, the Dubai Financial Market observed the commencement of public subscription for the Dubai Taxi Company, with approximately 25% of its capital being made available for purchase within one hour of the launch. This development followed the recent announcement by the Dubai Taxi Company regarding the pricing of the public subscription shares and the commencement of the subscription period. Regarding the initial public offering (IPO) on the Dubai Financial Market (DFM). A total of 624.75 million shares are made available for public subscription, constituting approximately 24.99% of the whole issued shares in the company's capital. The company's initial public offering garnered approximately 1.15 billion dirhams (equivalent to 315 million dollars) and received sufficient buy requests to fully subscribe to the shares made available.

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Abdallah Shahin
Abdallah Shahin
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