Oct 16 2011 |
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Help us cushion Dh2.7b expected loss: ENOC
By Abdul Basit and Lily B Libo-on DUBAI -- After a long silence over the closure of its many petrol stations in Sharjah and other northern emirates, the Emirates National Oil Company , or ENOC , on Saturday appealed to the authorities to support the company in addressing the burden of higher international fuel prices that could possibly lead to a loss of Dh2.7 billion this year.The current scenario, where ENOC has to bear the burden of higher inter-national fuel prices while at the same time distributing fuel at subsidised rates, is clearly not sustainable or viable for the company, a spokesperson said in a statement.
"The cost of providing subsidised fuel to our customers is expected to lead to a loss of Dh2.7 billion for the company this year. This also has a serious impact on our ability to expand our retail net-work to meet the growing demand," the statement said.
However, it cited the substantial rise in the fuel price in the international market, the highest ever recorded since 2008, which has put a severe burden on ENOC and EPPCO .
This decision followed the expiry of a 72-hour deadline set by the Sharjah Executive Council on June 21, asking the retailer to resume normal operations at its pumps or close shop.
With the summer months over, demand for fuel across the ENOC and EPPCO stations in Dubai has increased significantly. The ENOC 's retail network across Dubai currently witnesses a heavy rush of motorists, especially during peak hours. ENOC looks for-ward to the support of the authorities in addressing the concern, according to the statement.
It said very few stations have been added in Dubai recently and a number of stations had to be closed to under-take infrastructure development work.
© Khaleej Times 2011
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