UAE’s Minister of Energy is looking at ways of controlling the cost petrol in the country to reflect the current price of oil.

Speaking at the Federal National Council (FNC), Suhail Al Mazrouei, Minister of Energy, said one of the main reasons behind the higher prices in the UAE was the losses suffered by oil companies in the country over the past ten years.

“They suffered losses of AED38 billion ($10.3 billion) in the last ten years,” he said, adding that Abu Dhabi National Oil Company (ADNOC) lost over AED6.4 billion ($1.7 billion) from the sale of gasoline in 2014 alone. He said the losses were due to the price of petrol being subsidised, which also meant that it has not been possible to bring down petrol prices.

Al Mazrouei said the ministry is looking at ways to control petrol prices so they reflect the current price of oil. Discussions with oil companies have not yielded a solution, and he told the FNC that a committee will be set up for controlling oil prices in the country.

FNC member Hamad Al Rahoumi, who raised the issue, said the UAE still has the highest prices in the GCC region.

“All Gulf countries and even other international markets are enjoying lower petrol prices, but we are the only country in the region suffering from high fuel prices,” “What about countries having lower prices compared to us. Have not their oil companies suffered losses? They too must have suffered losses but their authorities controlled the prices.”