UAE hikes petrol prices for February

Petrol prices have been increased by an average of 4.6 per cent



The UAE has again hiked fuel prices for February, following an increase in rates in January.

The fuel prices for February will stand at Dhs2 per litre for Super 98 – up 4.7 per cent from Dhs1.91 in January; Dhs1.89 per litre for Special 95 – an increase of 5 per cent from Dhs1.80 last month; and Dhs1.82 per litre for E Plus-91, indicating a 4.2 per cent hike from Dhs1.73 in January.

The UAE energy ministry has also increased the price of diesel by 3 per cent – from Dhs1.94 to Dhs2 per litre in February.

In January, petrol rates had been hiked by an average of 6.4 per cent, while diesel prices were up by over 7 per cent.

Oil prices have risen after a deal signed by oil producers to cut supply came into effect on January 1.

The Organization of Petroleum Exporting Countries (OPEC) and several non-OPEC producers agreed in early December to reduce production by almost 1.8 million barrels per day (bpd).

Brent crude prices are currently hovering at around $56 per barrel.