Business | Oil & Gas
Dubai retailers slash diesel price by 50 fils
Third straight cut in less than two weeks narrows rate gap with Abu Dhabi to 106.4%
- By Himendra Mohan Kumar, Staff Reporter
- Published: 23:59 August 12, 2008
Dubai: Oil retailers - Emirates National Oil Company (Enoc), Emirates Petroleum Products Company (Eppco) and Emarat - have slashed the retail price of diesel again at the pumps by 50 fils a gallon, in line with the falling global crude and oil product prices, oil company sources told Gulf News on Tuesday.
"The new diesel price is Dh17.75 per gallon. The fuel's price reflects the downward trend in international oil prices," said one of the sources.
Spokesmen for oil companies were unavailable for comment when reached by Gulf News. However, supervisors at Enoc, Eppco and Emarat pumps confirmed the news that diesel prices have been cut.
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. The latest price cut is their third straight cut in less than two weeks.
With the latest cut, the price gap in Dubai and Abu Dhabi has narrowed to 106.4 per cent. Abu Dhabi has been able to keep fuel prices steady at Dh8.60 a gallon, as it has its own crude oil supply and refineries to process the crude into a range of oil products.
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