By Andy Sambidge
Emirates National Oil Company cuts retail price for the third time in two months amid oil price slump
Emirates National Oil Company (ENOC) said on Tuesday it is further reducing the retail price of diesel at its Dubai service stations as oil prices fell to new five-and-a-half year lows.
ENOC said it has reduced the price of diesel by an additional 20 fils (0.27 cents) to AED3.10 per litre, effective immediately. It is the company's third price cut in two months.
The revised price is applicable across the entire service station network of ENOC and EPPCO, the company said in a statement.
The move matches that of Emirates General Petroleum Corporation, also known as Emarat, which said on Monday it will lower diesel prices by 20 fils a litre across all its service stations from Tuesday.
Talib Al Saleh, acting managing director of ENOC Retail, said: "The international prices of both oil and diesel have continued on a downtrend, which is reflected in our revised price of diesel.
"The further price reduction underlines our commitment to bring value to our customers by passing on cost efficiencies."