Retailers in Dubai to cut diesel prices

Abu Dhabi: Dubai oil retailers Emirates National Oil Company (Enoc), Emirates Petroleum Products Company (Eppco) and Emarat may cut diesel prices marginally in line with the recent drop in global oil prices, industry sources said on Thursday.

"The announcement may come next week or sooner," said one source.

On the New York Mercantile Exchange, crude oil futures for September delivery were hovering around $125 a barrel in early trade yesterday.

Oil prices have fallen 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.

Diesel currently sells in Dubai at Dh19.25 a gallon.