News
Prices rise for poultry and eggs on Ramadan eve
In a temporary move, the Ministry of Economy has approved an increase of up to 13 percent in the prices of eggs and other poultry products. The reasons are said to be supply-related.
The ministry said the increase is based on a resolution it issued on March 6, adding that the step was taken following a request submitted by a number of companies operating in the sector claiming that they had incurred significant losses over the last period as a result of higher production and shipping costs.
The price hike is said to be linked to supply due to losses for producers.
According to the Ministry, it conducted an analytical study to determine demand in collaboration with a specialised advisory team on the prices of egg and chicken products, which concluded that a justified increase could range between 13 and 20 per cent.
The study’s findings were then submitted to the Supreme Committee for Consumer Protection, which recommended that the raise be approved at a maximum rate of 13 per cent.
The Ministry made it clear that the price increase would help shield poultry and egg producers from the adverse effects of high production costs and lessen their impact.
This would ensure that the producers could continue to sell eggs and poultry products in the country’s markets at reasonable prices and in sufficient quantities to satisfy all consumer demands across the country without compromising supply chains and market efficiency.
“Should the grounds that gave rise to the resolution cease to exist, the resolution itself would cease to exist, considering the changes in the local, regional, and global marketplaces,” the ministry added.
UAE motorists won’t have long to wait to find out whether fuel prices will increase in August, with the Fuel Price Committee set to announce the new rates on Thursday, July 31.
The revised petrol and diesel prices will take effect from August 1.
Will fuel prices go up?
After a welcome price cut in July, the outlook for August is less certain.
Global oil prices initially fell below $70 a barrel earlier this month, raising hopes of another reduction. However, prices have since rebounded sharply, clouding the picture for motorists.
Brent crude briefly climbed above $100 a barrel, while US benchmark WTI rose to nearly us$92. Abu Dhabi’s Murban crude also surged past us$105, reflecting renewed strength in global energy markets.
Because UAE fuel prices are based on average international oil prices over the month, the late-July rally could limit or even reverse last month’s cuts.
Current UAE fuel prices
Motorists are currently paying:
- Super 98: Dh3.40 per litre
- Special 95: Dh3.29 per litre
- E-Plus 91: Dh3.21 per litre
- Diesel: Dh3.60 per litre
These rates were introduced in July after global oil prices eased earlier in the summer.
How UAE fuel prices are set
The UAE reviews petrol and diesel prices every month based on average global crude oil and refined fuel prices.
The August rates will be announced on July 31 through official government channels and will come into effect the following day.
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