(MENAFN) The UAE's Federal National Council stated that it has approved a proposal to reduce petrol prices in the nation to be equivalent to those in other countries in the Gulf Cooperation Council (GCC), reported Gulf News.
The council said that it submitted the proposal to the country's Cabinet, in order to endorse it, adding that in case it was passed, petrol prices could become cheaper by up to 60 percent.
It added that the proposal calls for selling petrol at a blanket price for both nationals and foreigners.
It is worth noting that even though the UAE holds 6.65 percent of the world's oil reserves; however, petrol prices in the country are the third highest in the Arab world after Syria and Tunisia.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.