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FINANCIAL NEWS
UAE to liberalize domestic fuel market
18 Apr 2010
(MENAFN) WAM reported that petrol prices will jump by around 11 percent across the UAE as the government takes a first step towards liberalizing the tightly-controlled market, Reuters reported.
The move is a major policy change for the government, which has maintained its cap on petrol prices despite calls from oil companies to let them sell at normal commercial rates.
Emirates National Oil Co (ENOC) Chief Executive Saeed Khoury in January called on the government to let it sell petrol at international market rates because it was suffering losses in maintaining local subsidized fuel prices.
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