UAE to announce petrol prices for March: will rates increase?

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The UAE fuel price committee is set to announce petrol and diesel prices for March on Thursday.

The country has been revising retail petrol prices on the last day of the month ever since the government deregulated oil prices in August 2015 to bring them at par with the global rates.

The fuel price committee increased the retail rates for Super 98, Special 95, and E-Plus 91 by as much as 6 fils per litre in February from the previous month.

For the month of February, a litre of Super 98, Special 95 and E-Plus were priced at Dhs2.88, Dhs2.76 and Dhs2.69, respectively.

The price of diesel was reduced by 1 fil to Dhs2. 99 in February compared to Dhs3.00 the previous month.

Meanwhile, oil prices dropped on Monday, extending losses on market views that higher-than-expected inflation could delay cuts to high interest rates that have been capping growth in global fuel demand.

Brent crude futures for April settlement slipped $0.40 or 0.45 per cent to settle at $81.25 per barrel, as at 04:09 pm GST on February 26.

The dip extended losses registered last week, when Brent lost about 2 per cent and WTI fell more than 3 per cent on signs that the US Federal Reserve is in no rush to cut interest rates. A stronger dollar makes oil more expensive for buyers holding other currencies.

Oil prices have been trading between $70 and $90 a barrel since November as rising US supply and concern over weak Chinese demand offset OPEC+ supply cuts despite the ongoing conflicts in Eastern Europe and the Middle East.

Read: UAE petrol prices for February 2024: Here’s how much a full tank will cost