Petrol prices in the UAE to rise in March
Motorists will have to stump up an extra four per cent at the pumps
Motorists in the UAE will pay more at the pumps in March after the new prices were announced by the fuel price committee.
Here's the breakdown:
• Super 98: up 9 fils (4.62 per cent) to Dh2.04
• Special 95: up 8 fils (4.35 per cent) to Dh1.92
• Diesel: up 13 fils (5.70 per cent) to Dh2.41
Motorists started the year with a substantial drop when the price of Special 95 fell below Dh2 a litre for the first time in more than a year after a sharp fall in global oil prices.
Fuel prices in the UAE were liberalised in August 2015, so they now move with the market.
Oil markets have generally received support this year from supply curbs by Opec.
"Crude oil futures bounced as OPEC members remained firm on planned production cuts despite heightened political pressure from US President Trump early this week," said Benjamin Lu of Singapore-based brokerage Phillip Futures.
Mr Trump tweeted on Monday that oil prices were getting too high for the global economy, asking OPEC to relax its supply cuts.
Brent crude was at $65.65 per barrel, up 0.7 per cent, in trading on Wednesday morning, while West Texas Intermediate was at $55.99 per barrel, up 49 cents, or 0.9 per cent.
Updated: February 27, 2019 03:51 PM