(MENAFN- Muscat Daily) H E Mohammed bin Hamad al Rumhi, Minister of Oil and Gas, has told a conference in Abu Dhabi that subsidies on fuel and power are destroying the economy of the region, according to an international news agency report.
"We are wasting too much energy in the region and the barrels that we are consuming are becoming a threat now, for our region particularly... I think we have a serious problem," H E Rumhi was quoted by Reuters as saying.
"What is really destroying us right now is subsidies... We simply need to raise the price of petrol and electricity. In some countries in our region, electricity is free and you leave your air conditioning for the whole time when you go on holiday. That is really a crime.
"Our cars are getting bigger, our consumption is getting bigger and the price is almost free. So you need to send a signal to the pockets of the public."
H E Rumhi was speaking at the ADIPEC energy conference that started in Abu Dhabi on Sunday, Reuters reported.
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