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UAE fuel prices to increase 5-7% in February

UAE fuel prices to increase 5-7% in February

Prices also rose 4-6 per cent in January

The UAE government has announced that petrol prices will increase in February following the rise in oil prices over the last few weeks.

The Ministry of Energy said that the price for Super 98 will rise 5 per cent to Dhs2.36 a litre, Super 95 will increase 6 per cent to Dhs2.25 a litre and E-Plus 91 will rise 5.8 per cent to Dhs2.17 a litre.

Diesel will also rise a significant 7 per cent to Dhs2.49 a litre.

Prices rose 4 to 6 per cent in January compared to the previous month as the UAE introduced a 5 per cent value added tax rate.

Read: Revealed: Goods and services subject to VAT in the UAE

The country’s fuel prices have been linked to global benchmarks since August 2015.

Next month’s increases come after the oil market reached new highs over the last week.

Brent crude traded at its highest level since December 2014 on Thursday at $71.28 a barrel. It now stands at $70.52 from below $67 a month ago.

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