ABU DHABI, July 12 (Xinhua) -- Fuel prices in the United Arab Emirates (UAE) are set to rise again this week, less than three months following a previous hike in late April, as oil companies push the government to liberalize the tightly-controlled market, the state news agency WAM reported Monday.
"Local petroleum products distributors have decided to hike the price of a liter of benzene by 20 fils (0.05 U.S. dollar) as of July 15 at all fueling stations across the nation," the report said.
The Gulf nation's distributing companies said in a statement that the increase is "part of liberalization of prices and their gradual rise," according to WAM.
"The announced rise comes within efforts to gradually mitigate accumulated and growing losses these companies are sustaining due to continuous surge in cost of the product," the statement said.
On April 21, petrol prices in the UAE, whose government until now has capped domestic petrol prices, were allowed to jump 11 percent to 1.52 dirham (about 0.41 U.S. dollar), their first rise since 2005, amid complaints from oil companies that the money from sales does not cover the cost of production.
"Local petroleum products distributors have decided to hike the price of a liter of benzene by 20 fils (0.05 U.S. dollar) as of July 15 at all fueling stations across the nation," the report said.
The Gulf nation's distributing companies said in a statement that the increase is "part of liberalization of prices and their gradual rise," according to WAM.
"The announced rise comes within efforts to gradually mitigate accumulated and growing losses these companies are sustaining due to continuous surge in cost of the product," the statement said.
On April 21, petrol prices in the UAE, whose government until now has capped domestic petrol prices, were allowed to jump 11 percent to 1.52 dirham (about 0.41 U.S. dollar), their first rise since 2005, amid complaints from oil companies that the money from sales does not cover the cost of production.
