UAE announces petrol price hike for February

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Petrol and diesel prices in the UAE are at one of their lowest levels in the past 12 months. The fuel prices have fallen for three consecutive months – November 2023 to January 2024, helping ease inflationary pressures for the retail consumer.

However, a string of factors such as international crude demand driven by the US and China, the tensions in the Red Sea and a possible truce between Israel and Hamas, have led to a rise in global oil prices.

The UAE authorities have announced a revision in fuel rates. Check out the new rates, applicable from February 1, in our live blog below.