Oct 15 2011 |
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Dubai's Enoc Says Fuel Subsidies "Not Sustainable"
Saturday, Oct 15, 2011
DUBAI (Zawya Dow Jones)--Dubai's state-owned fuel retailer Emirates National Oil Co, or Enoc , said Saturday that the continuing burden of providing subsidized fuel to customers in the emirate "is clearly not sustainable or viable for the company."
In an emailed statement, Enoc said high global oil prices has increased the cost to the company of subsidizing fuel. Meanwhile, Enoc said it is seeing increased demand from Dubai motorists following the summer lull.
"The current scenario, where Enoc has to bear the burden of higher international fuel prices while at the same time distributing fuel at subsidized rates, is clearly not sustainable or viable for the company," the Enoc statement said. " Enoc looks forward to the support of the concerned authorities in addressing the concern," the company added.
The government of the United Arab Emirates has capped the gasoline price at 1.72 U.A.E. dirhams ($0.47) a liter, but Enoc has to import the fuel at international market prices.
-Dubai Bureau, Dow Jones Newswires; +9714 3748044; djnews.dubai@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
15-10-11 1154GMT
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