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UAE cuts petrol prices for April as oil slumps to new lows

UAE cuts petrol prices for April as oil slumps to new lows

Diesel prices have been reduced to Dhs2.06 down from Dhs2.25 per litre

The UAE has cut fuel prices for the month of April, the fuel price committee in the UAE announced on Monday, March 30.

The prices have been fixed at Dhs1.91 per litre for Super 98 petrol, down 11.6 per cent from Dhs2.16 in March. The same was priced at Dhs2.24 in February this year.

Meanwhile, one litre of Special 95 will cost Dhs1.80, down 11.7 percent from Dhs2.04 in March. It was fixed at Dhs2.12 in February.

Diesel prices have been reduced by 8.4 per cent to Dhs2.06 down from Dhs2.25 per litre.

 

The move comes as oil prices have tumbled to a 17-year low due to coronavirus lockdowns enacted across the world’s largest economies, leaving the market overwhelmed by weak demand and surplus of crude.

The world normally uses 100 million barrels of oil a day, but forecasters predict as much as a quarter of that has disappeared in just a few weeks.

Read: Oil plummets to 17-year low as coronavirus-hit markets drown in crude

Brent crude for May declined $1.55, or 6.2 per cent, to $23.38 a barrel on the ICE Futures Europe exchange as of 11.36am Singapore time after falling to $23.03 earlier.

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