5 minute blitz chess

Hi.. I seem to be confused as to how the winner is decided in a 5 minute blitz match when the time runs out?? I have had scenarios where my positioning and points were better than that of my opponent and yet the opponent was declared the winner... Could anyone exxplain how??

If your time runs out, you lose.  (Unless your opponent doesn't have enough material to possibly checkmate you - then it's a draw.)

But why doesn't the opponent lose?? Say, we are in a tournament and playing the game where both are poised equally, thwn why do I lose??? Shouldn't that be a draw? Moreover, say I am losing I will just waste my time so that my opponent does not win either... Is that allowed??

No, no.  If YOUR time expires you lose.  If your opponent's time expires you WIN.  So running out of time on purpose doesn't help.

Yap!wat david says.

Yeah, there are two clocks.  Both players have 5 minutes.  The clock ticks when it's your move only.  Only one player can run out of time.