UAE hikes petrol, diesel prices for March 2024

Image courtesy: Iryna Melnyk/ Getty Images

The UAE has announced the retail fuel prices for the month of March. The fuel price committee increased the retail rates for Super 98, Special 95, and E-Plus 91 by as much as 16 fils per litre from the month of February.

From March 1, 2024, Super 98 petrol will cost Dhs3.03 a litre from Dhs2.88 a litre in February,  while Special 95 will cost Dhs2.92 a litre compared to Dhs2.76 a litre the previous month.

Diesel will cost Dhs3.16 a litre in March compared to Dhs2.99 the previous month, while the price of E-plus 91 rose to Dhs2.85 compared to Dhs2.69 the previous month.

The fuel price committee increased the retail rates for Super 98, Special 95, and E-Plus 91 by as much as 6 fils per litre in February. The UAE’s fuel price committee meets every month to decide whether prices will increase or decrease.

The country has been revising retail petrol prices on the last day of the month ever since the government deregulated oil prices in August 2015 to bring them at par with the global rates.

Global oil prices extended declines on Thursday after a larger-than-expected build in US crude stockpiles stoked worries about slow demand, while signs that US interest rates could remain elevated added to pressure.

However, OPEC+ is reportedly considering extending voluntary oil output cuts into the second quarter, according to a Reuters report to provide additional support for the market and could keep them in place until the end of the year.

Read: OPEC+ to consider extending voluntary oil output cuts, sources say