World Economy

UAE Slashes Fuel Subsidies

UAE Slashes Fuel SubsidiesUAE Slashes Fuel Subsidies

The United Arab Emirates is expected to save about Dhs 9.1 billion Emirati dirhams ($2.58 billion) through the deregulation of fuel subsidies, according to the country’s minister of energy, Gulf Business reported. The government provided fuel subsidies worth Dhs 9 billion and Dhs 9.5 billion in 2012 and 2013 respectively. But with the recent decree to deregulate fuel prices, the UAE government has managed to net significant savings, Suhail Al Mazroui said. Despite the subsidy cuts, the fuel prices in the UAE are still among the lowest in the world among countries that have deregulated prices, he noted.