.jpg)
By Sachin Kumar
DOHA: Petrol and diesel prices in Qatar will fluctuate each month from May onwards as the Ministry of Energy and Industry yesterday announced restructuring of fuel prices in the domestic market and linking them to the global market prices. The decision is aimed at raising efficiency of energy use in the country.
Speaking at a press conference yesterday, Sheikh Mishaal bin Jabor Al Thani, Head of the committee in charge of studying fuel prices in the domestic market, said a committee to study fuel prices in the domestic market has been formed with the membership of various government agencies in the state.
The committee will study the price of fuel (petrol and diesel) on a monthly basis and make recommendations with proposed prices based on a formula. The formula takes into account the changes on the prices of petroleum products in the global market, operational costs related to the production and distribution of fuel in the local market and fuel prices in the countries of the region.
The decision to restructure fuel prices 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 rationalise 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.
The official said that 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.
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.
The Peninsula
