Saturday, September 29, 2007

Petrol price increase in the offing?

Unlike some of its other fuel-rich neighbors the UAE has a history allowing the price of petrol at the pump to track more closely the level and movement of the international price of oil. The price of oil has increased considerably. Based on that record, an increase in the retail price is overdue.

Gulf News
The sources said Dubai-based oil retailers - Emirates National Oil Company (Enoc), Emirates Petroleum Products Company (Eppco) and Emarat - which buy gasoline from several sources are more susceptible to spikes in crude prices than the Abu Dhabi-based Adnoc Distribution, which sells fuels sourced entirely from the Abu Dhabi National Oil Company (Adnoc), the main UAE crude oil producer and refiner.

Oil company executives would not confirm or deny whether they have gone with their requests to the government to be allowed to increase the fuel prices.

Though Enoc has a 120,000 barrels per day refinery at Jebel Ali, it does not produce any gasoline as of now, and the bulk of what it sells, it's widely believed, is sourced from Adnoc at prices which are government-determined. Enoc, Eppco and Emarat sell gasoline at prices that range between Dh6.25-Dh6.75 per gallon.
The oil industry sources claimed Enoc and Eppco are losing up to Dh4.5 a gallon for every gallon of gasoline sold, which includes storage costs.
An executive at Adnoc Distribution said that there's no indication from the government yet on whether there would at all be any increase in oil product prices in the foreseeable future.

"As the marketing arm of Adnoc, we are there to implement the strategies of the government and will follow exactly what we are told to do. Our main purpose is to serve customers at our service stations and that's precisely what we have been doing," said the executive, requesting anonymity.

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