UAE hikes fuel prices for April 2021

Petrol prices in the UAE have increased for April 2021, the second straight month that prices have been raised.

For April, 98 Super has been priced at Dhs2.29 per litre (up from Dhs2.12 in March); Special 95 will cost Dhs2.17 (up from Dhs2.01 in March); and diesel at Dhs2.22 (up from Dhs2.22 in March).

The petrol prices increased in March after remaining stagnant for almost a year.

April fuel ⛽ prices as per the #UAE fuel committee are out. #InspiringEnergy

إليكم أسعار الوقود ⛽ لشهر أبريل وفقاً لما ذكرته لجنة متابعة أسعار الوقود في الإمارات. #طاقة_مُلهمة pic.twitter.com/sonf0n2EnV

— ENOC (@enoc_official) March 28, 2021

The prices in the UAE are adjusted to international oil prices. Oil prices have come under renewed pressure recently amid softening physical demand, a strengthening dollar and the unwinding of long positions.

The increased volatility over the past two weeks has been felt across oil markets. Combined open interest in WTI and Brent has fallen nearly 7 per cent to the lowest since January, refined product prices have slipped from the highs they hit after last month’s deep freeze and crude’s underlying market structure weakened.

Still, prices are up roughly 25 per cent this year and there’s confidence in the longer-term outlook as vaccination rates climb and OPEC+ keeps supply in check. The group meets this week to decide on its production policy for May.

With inputs from Bloomberg