Emirates National Oil Company (ENOC) has plans to expand in the region following the UAE government’s decision to deregulate fuel prices
The government, in response to the falling oil prices, has decided to abandon fixed and subsidised fuel prices and allow diesel/gasoline prices to move in tandem with global figures. The deregulation will be effective 1 August 2015, from when the price of a litre of octane 95 gasoline will climb 24 per cent, while diesel will fall 29 per cent, said local reports.
Following this decision, ENOC is planning to enter new territories regionally, said officials. According to ENOC CEO Saif Humaid Al Falasi, the decision will aid the UAE government to ensure sustainable development and rationalise fuel consumption as well.
Abu Dhabi National Oil Company (ADNOC), which is a key distributor for ENOC, has announced plans to open 125 new petrol stations across the UAE on the heels of the decision to deregulate fuel price in the UAE. ENOC too, on its part, will focus on expanding its retail network, revealed its officials.
