UAE reveals fuel prices for March 2021

Petrol prices in the UAE have changed after remaining stagnant for almost a year.

Fuel prices per litre for the next month are as follows:

Special (95): Dhs2.01
Super (98): Dhs2.12
Diesel: Dhs2.15

Fuel prices in #UAE increase for March 2021.#UAE_BARQ_EN pic.twitter.com/qXrlSe0kIw

— UAE BARQ (@UAE_BARQ_EN) February 28, 2021

The prices in the UAE are adjusted to international oil prices. The Organization of Petroleum Exporting Countries and its allies rescued the global oil industry from an unprecedented slump last year by slashing production when the coronavirus crisis pummeled demand. The strategy has revived international benchmark Brent crude to $67 a barrel, shoring up revenues for the producers’ battered economies.

Demand in China, the world’s biggest oil importer, is back above pre-virus levels as its containment of the disease allows much of normal life and economic activity to resume. Propelled by cold weather, fuel use in Japan, the fourth-largest oil consumer, posted in January its first year-on-year increase since mid-2019.

In the US, stockpiles of crude oil and refined products are back near levels last seen a year ago. Though demand for aviation fuels remains depressed, purchases of products that cater to working and consuming at home – like diesel for trucks and plastics – have boomed.

OPEC’s own data show it can go ahead with this year’s scheduled production increases and still manage to deplete world oil inventories, whittling them down to their five-year average – the group’s desired target – by August.

With inputs from Bloomberg