Business | Oil & Gas
Subsidy policies in comparison
While Venezuela is subsidising its retail gasoline with $54 per barrel, the UAE provides only a subsidy of $10 per barrel.
- By Arno Maierbrugger, Staff Writer
- Published: 23:38 January 8, 2009
While Venezuela is subsidising its retail gasoline with $54 per barrel, the UAE provides only a subsidy of $10 per barrel.
The price of gasoline in the UAE, currently at Dh6.25 per gallon of 95 octane, is supervised by a committee of the retailers Abu Dhabi National Oil Company (Adnoc), Emirates National Oil Company (Enoc), Emirates Petroleum Products Company (Eppco) and Emarat.
A government-determined price for fuel is seen as one measure to control inflation, as fluctuations in retail petrol prices reflect in the costs of industrial and agricultural products and, of course, in commuting costs.
Given the overall oil production of the UAE, domestic consumption is only a fraction of total oil exports.
Currently, Iraq has the highest gasoline subsidies among oil-producing countries with $64 per barrel, while Iran supports petrol prices with $51 per barrel.
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