Qatar to link petrol and diesel prices to global market from May 1

4/26/2016 8:10:36 AM

(MENAFN- The Peninsula) Vehicles lining up at a fuel station in Doha. (file photo)

Doha: The Ministry of Energy and Industry announced Tuesday the restructuring of fuel prices in the domestic market and linking them to the global market prices for petroleum products.

The prices will be published on the official site of the Ministry and in the local newspapers before the end of each calendar month. They will go into effect of 12:01 after midnight on the first day of the month of May 2016.

Head of the committee in charge for studying fuel prices in the domestic market Sheikh Mishaal bin Jabor Al Thani said during a press conference at the Ministry this morning that the decision to restructuring fuel prices in the state and adjusting them on monthly basis aimed mainly to raise the efficiency of energy use in the state and to increase consumer awareness on the need to rationalize fuel consumption especially after the economic and environmental impacts resulting from differences between the prices in the domestic market and global markets. The decision is also in line with practices followed in many countries of the world.

He explained that a committee to study fuel prices in the domestic market has been formed with the membership of a number of government agencies in the state. The committee will study the price of fuel (petrol and diesel) on monthly basis and make recommendations with proposed prices based on a price formula that takes into account the changes on the prices of petroleum products in the global market and operational costs related to the production and distribution of fuel in the local market as well as fuel prices in the countries of the region.

He stressed that the restructuring of fuel prices in the state and adjusting them on a monthly basis does not necessarily mean a rise in prices but it means that the prices will be linked to the actual prices of these commodities whether up and down according to world prices.

QNA

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