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Real truth about dubai 5 (United Arab Emirates)UAE/ world richest country

Real truth about dubai 5 (United Arab Emirates)UAE/ world richest country

Leading oil producer United Arab Emirates to stop petrol subsidies

Jul 22, 2015    

Dubai:Leading oil producer the United Arab Emirates will scrap subsidies on petrol and diesel from August to cut spending as low crude prices hit revenues, the energy ministry said on Wednesday.Pump prices for the two fuels will now be set on the basis of world prices and adjusted each month, the ministry said in a statement carried by the official WAM news agency.The move is expected to save billions of dollars a year.The International Monetary Fund said in a report released on Monday that the UAE has been spending $29 billion a year subsidising petroleum products and electricity."The de...

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