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FINANCIAL NEWS
UAE plans to cut petrol prices
04 Feb 2015
(MENAFN) The UAE decided to cut petrol prices following a sharp drop in crude prices in global markets, the country’s oil minister has said, Emirates 24/7 reported.
He was responding to queries by some members of the Federal National Council (FNC) about the decrease in crude and their impact on the prices of domestic energy and on local companies, which already suffered losses.
The minister told the members during the FNC’s weekly session that the ministry of energy would present a study to the government allowing consumer to benefit from the decline in crude prices in world markets. He also said the ministry would soon form a “pricing” committee to study the drop in crude prices and its impact on the local market.
“We will present two options to the government allowing petrol consumers in the UAE to benefit from the decline in world oil prices. These options will allow petrol companies to make profits and at the same time enable petrol consumers to benefit from lower crude prices. They will also involve a plan to support Emirati consumers,” he said.
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