Wednesday 22 July 2015

MIDEAST STOCKS-Gulf markets edge down as UAE reviews fuel prices | Reuters

MIDEAST STOCKS-Gulf markets edge down as UAE reviews fuel prices | Reuters:



"Gulf stock markets were neutral to negative in early trade on Wednesday after the United Arab Emirates said it would review domestic fuel prices, with gasoline likely to become slightly more expensive but diesel initially getting cheaper. 




Dubai's bourse slipped 0.2 percent after the UAE Energy Ministry said it would switch from fixed gasoline and diesel prices on the domestic market to ones based on global prices and updated monthly. It provided no concrete figures.



A ministry official told Reuters that gasoline prices might rise slightly from next month but diesel was expected to fall, which would help the economy by restraining inflation and reducing transport costs."



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