Sunday, September 04, 2005

Government considers deregulating price of petrol :: KT
The government is considering introducing liberal oil prices regime within the next six months.

According to local newspaper Al Khaleej report, oil-marketing companies approached the government, demanding 100 per cent increase in the oil prices in one shot, though the government approved only a 50 per cent rise in two phases. Last week, a 31.5 per cent hike was announced. The remaining increase would be made in the second phase, beginning early next year.

The objective behind the increase in oil prices is to bail out the loss-incurring oil marketing companies.
UPDATE. Arab News also reports on the Al Khaleej report and provides these further details:

three of the distributors were about to halt operations and close down.
. . .
The increase comes in the form of the government lifting a ceiling on prices of petroleum products and thus allowing distributors to raise prices.


Anonymous Anonymous said...

Thanks for at least mentioning what is going on in the US due to Katrina. I was beginning to wonder if any of ya'll in the UAE even knew what was happening. I read about many of ya'lls difficulty with red tape in the UAE, but I can't help but wonder if your leadership (backed by unimaginable amounts of money) would have handled this tragedy more smoothly than our government. Please consider what you can do to help. Thanks.

2:13 AM  

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