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Latest News

UAE denies plans to hike gasoline price in Sept

Official news agency denies reports.

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August 24, 2010 3:29 by



Government-run Abu Dhabi National Oil Company (ADNOC) denied plans to raise gasoline prices in September, state news agency WAM said on Tuesday.

Earlier this week, an ADNOC official told Reuters that a third incremental annual increase of gasoline prices would take place after the end of the Muslim fasting month of Ramadan, in the first half of September.

The United Arab Emirates announced plans earlier this year to gradually reduce subsidies on gasoline until prices match international market levels.

The wealthy oil-exporting emirate of Abu Dhabi, the largest member of the UAE federation, has spent an annual average of $6.5 billion in the past four years on various subsidies, from water to energy, according to official data.

(Reporting by Amena Bakr)



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