Fuel subsidies cost ENOC AED1.5 billion last year
It cost ENOC AED 1.5 billion to subsidise fuel sold in its petrol stations in 2010.
According to a statement released this weekend, the cost for this year is likely to be even higher, at a projected AED 2.7 billion.
“This arises from the difference in the increasing price of petrol sourced from international markets and ENOC’s fixed sale price at its stations,” the company said.
The price of fuel sold at pumps has risen considerably in the last year, but is still below market prices.
Fuel retailers in the UAE have to sell at prices capped by the government.