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FINANCIAL NEWS
UAE- cooking gas prices down in 4 emirates
29 Aug 2011
(MENAFN) The Abu Dhabi National Oil Co. for Distribution said that the corporation would sell cooking gas in four of the emirates of the United Arab Emirates at the same price as liquefied petroleum gas in Abu Dhabi, reported Arabian Business.
The company also said that cylinders weighing 25 pounds would be sold at a subsidized price of USD5.45 in Ajman, Ras al-Khaimah, Umm al Qaiwan and Fujairah, according to directives from UAE President Sheikh Khalifa bin Zayed al-Nahyan.
The Abu Dhabi National Oil Co. said that the five Emirati northern emirates benefited less from capital Abu Dhabi’s vast oil wealth or trade and property-fuelled development in business hub Dubai, which helped morph the UAE into an oil powerhouse with the world’s eighth highest per capita income at USD47,000.
It is worth noting that the world’s third-largest oil exporter pledged in February to spend USD1.6 billion in its poorer emirates – Ras Al Khaimah, Sharjah, Ajman, Fujairah and Umm al-Quwain Â- to expand key water and electricity networks and fund major road and transport projects.
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