Petrol prices in the country will remain stable and the government will continue to subsidize the state set prices, as reported by a local newspaper.
“The government has agreed to foot the entire subsidy on petrol and asked state oil marketing companies not to talk about increasing petrol prices,” as stated by well-placed sources in the UAE oil industry.
“This is just not the right time for it, given the geopolitical situation in the region,” he added.
It is learnt that the UAE state oil marketing companies will lose approximately Dh16.5 million a day on petrol sales as the gap between state set prices and the cost of imports widens.
Despite the sharp rise in the international crude prices, the government has decided that there will be no revision in the petrol prices this year.