Petrol prices in UAE to fall in February
The cost of filling up your car will be cheaper next month
The cost of filling up at the petrol pumps will fall in February.
Here's the breakdown:
• Super 98: falls 5 fils (2.5%) to Dh1.95
• Special 95: falls 5 fils (2.65%) to Dh1.84
• Diesel: falls 2 fils (0.87%) to Dh2.28
Motorists started the year with a substantial drop when the price of Special 95 fell below Dh2 a litre 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.
Brent crude oil was at about $61.28 a barrel this morning.
Global oil supply remains high largely due to a more than 2 million bpd increase in US crude oil production last year, to a record 11.9 million bpd.
"The US appetite for producing oil is insatiable and it shows zero sign of slowing down any time soon," Matt Stanley, a fuel broker with Starfuels in Dubai, told Reuters.
There are also concerns in the oil industry that crude demand could stutter amid an economic slowdown.
Updated: January 30, 2019 02:28 PM