The Emirati oil ministry has raised prices at petrol stations for the first time since the 1980s but only by less than a cent per litre, oil companies said on Sunday.
The litre price was increased from 28 cents to almost 29 cents, following complaints from Emirati oil companies forced to sell petrol at home cheaper than the cost of locally bottled water.
Emirates National Oil Co. (ENOC) lost $95 million last year because of the low fixed price in the oil-rich Gulf Arab state, according to chief executive Hussein Sultan, who said prices had not risen in 17 years.—AFP.
©--Agence France Presse 2001.
© 2001 Mena Report (www.menareport.com)