The UAE has revealed the retail fuel prices for March. The fuel price committee raised the retail rates for Super 98, Special 95, and E-Plus 91 by up to 16 fils per litre from February.
Starting March 1, 2024, Super 98 petrol will be priced at Dhs3.03 per litre, up from AED 2.88 in February, while Special 95 will be AED 2.92 per litre, compared to AED 2.76 the previous month.
Diesel will be AED 3.16 per litre in March, compared to AED 2.99 the previous month, and E-plus 91 increased to AED 2.85 from AED 2.69.
The fuel price committee raised the retail rates for Super 98, Special 95, and E-Plus 91 by up to 6 fils per litre in February. The UAE’s fuel price committee convenes monthly to determine whether prices will rise or fall.
The nation has been adjusting retail petrol prices on the final day of each month since the government deregulated oil prices in August 2015, aligning them with global rates.
On Thursday, global oil prices continued to decrease following a larger-than-anticipated increase in US crude stockpiles, raising concerns about sluggish demand. Additionally, indications that US interest rates might stay high added to the pressure.
Nevertheless, there are reports that OPEC+ is contemplating prolonging voluntary oil output cuts into the second quarter, as per a Reuters report. This move aims to provide extra support for the market and may extend the cuts until the end of the year, according to Gulf Business.
