It may be ENOC, EPCO, EMIRATE under stress and losses, Fuel prices are likely to be Doubled if not trippled. from 6.80 / gallon to 18.50 / gallon
Eppco and Enoc have submitted reports to the Ministry of Finance and Industry recommending lifting the fuel price cap and letting the market decide what is a fair rate for fuel in the UAE.
The two companies say that the cap on prices is leading to massive losses due to rising crude oil prices on world markets
Lifting the ban may result in a tripling of the price of petrol, from around Dh6.80 per gallon to around Dh18.50
on the other hand,
Sources in the oil sector said that the UAE Government is moving to cancel licences owned by Eppco and Enoc in the northern emirates and allow the Abu Dhabi National Oil Company (Adnoc) to take over the running of the service stations.
They added that Adnoc has shown a high degree of interest in the matter and it will manage and run all the stations previously run by both companies.