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.