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UAE fuel prices to decrease slightly in March

UAE fuel prices to decrease slightly in March

The emirates’ fuel prices are based on global oil prices, which have declined from their January highs

The UAE’s Ministry of Energy has announced a slight decrease in fuel prices for the month of March after a significant increase last month.

Fuel prices increased 5-7 per cent in February following the introduction of value added tax on January 1.

Read: UAE fuel prices to increase 5-7% in February

The new prices for March are Dhs2.33 for Super 98, down from Dhs2.36 in February, Dhs2.22 for Special 95 from Dhs2.25 and Dhs2.43 for diesel from Dhs2.49.

The UAE’s fuel prices are calculated based on international oil prices, which were particularly high at the end of January when Brent crude hit $71 for the first time since 2014.

Since then, prices have dipped to around $66.50, partly on the back of surging supply from the United States.

Read: US to overtake Russia as world’s biggest oil producer by 2019 – IEA

Saudi Arabia is hoping the Organisation of Petroleum Exporting Countries and its allies including Russia will be able to relax 1.2 million barrels per day of production cuts next year designed to prop up oil prices.

Read: Saudi oil minister hopes OPEC, allies can ease output curbs in 2019

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