Oil retailers lose Dh16.5m a day

Fuel shortage woes continued as some petrol stations in the Northern Emirates turned away motorists for the sixth day on Tuesday.

Fuel firms blamed ongoing maintenance work for the chaos, while oil retailers claimed they are losing an estimated Dh16.5 million per day on petrol sales, reports Gulf News.

Companies say the gap between the cost of imports and state set petrol price has widened in recent months. Petrol prices had been revised twice last year.

However, a source revealed to Gulf News that the petrol grade being sold at Dh1.72 per litre in the UAE needed to be sold at Dh3.16 per litre to "reflect its true market price". The current pump prices reflect international crude oil prices at about $55 a barrel, said the daily.

UAE's four fuel retailers - Abu Dhabi National oil Company, Enoc, Eppco and Emarat bear the subsidies on petrol sales.

The shortage, which began in Sharjah last week has spread to Dubai, Fujairah, Umm Al Quwain, Ras Al Khaimah and Ajman, the paper said.

Follow Emirates 24|7 on Google News.