Petrol prices in the UAE to rise again in March

Petrol and diesel prices in the UAE are set to increase again in March, according to the new rates revealed by the energy ministry.

One litre of Super 98 will now cost Dhs2.03 – up 1.5 per cent from Dhs2 in February; Special 95 will cost Dhs1.92, up 1.58 per cent from Dhs1.89; and E Plus will cost Dhs1.85, up 1.6 per cent compared to Dhs1.82 in February.

Diesel costs have also been raised to Dhs2.02 per litre in March, up 1 per cent from Dhs2.

The UAE has seen hikes in petrol and diesel prices since the start of the year, for three consecutive months now.

UAE hikes petrol prices for February

Fuel prices in the UAE are linked to international oil prices, which have risen this year following the implementation of the output cuts by OPEC and non-OPEC producers from January 1.

Brent crude prices stood at around $56.65 a barrel on Monday afternoon.

In a recent report, Bank of America Merrill Lynch (BoFA) forecast that Brent crude oil prices are expected to average $50 to $70 per barrel through 2022.

“Oil prices have recovered mostly thanks to OPEC and key non-OPEC players putting an end to a two year price war and agreeing to cut production by 1.8 million bpd. So OPEC spare capacity has expanded. Moreover, US shale production is now poised to recover on improved efficiencies,” the report stated.

Read more: Oil prices to average $50-$70 per barrel through 2022