Dubai to cut diesel prices again |
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Monday, Aug 18, 2008
Abu Dhabi: Dubai oil retailers - Emirates National Oil Company (Enoc)Emirates National Oil Company (Enoc)
, Emirates Petroleum Products Company (Eppco)Emirates Petroleum Products Company (Eppco) and EmaratEmarat will cut the diesel price at the pump by 50 fils a gallon as of today, marking their fourth cut in prices in less than a month, company sources told Gulf News on Sunday.
"The price of diesel at Dubai's pumps will come down to Dh17.25 a gallon from Dh17.75 a gallon from midnight," said one of the sources.
Gulf News last week reported the extent of the cut being planned by the oil companies following a sharp decline in international crude and oil product prices.
Spokesmen for EnocEnoc and EppcoEppco and EmaratEmarat weren't available for comment. However, supervisors at Dubai's diesel pumps confirmed the latest development.
Bearish sentiment
The news of another price cut is likely to bring cheer to transporters who bore the brunt of successive diesel price hikes in recent months. With today's price cut, the price of diesel in Dubai has come down more than 10.3 per cent since July 29.
The three Dubai oil retailers buy diesel at international prices and then adjust the local prices, based on the landed cost of the oil product.
A spokesman for EnocEnoc and EppcoEppco said last week that the emirate's oil retailers study international oil price trends for at least a week before taking a decision on increasing or lowering domestic diesel prices.
International oil prices have fallen sharply from a lifetime high of $147.27 a barrel on July 11, as an economic downturn in the US, the world's biggest oil importer, has slowed consumer demand.
There are also fears the world's second biggest economy, Japan, may be slipping into recession.
In addition, the US dollar, the currency in which world oil trading is done, has strengthened against the euro, which has contributed to the bearish sentiments currently prevailing on the world's oil markets.
On the New York Mercantile Exchange on Friday, the last recorded price settlement was $113.77 a barrel for crude oil futures for September delivery in the US.
By Himendra Mohan Kumar
© Gulf News 2008. All rights reserved.
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