UAE petrol prices to fall more than 10 per cent in April
Global oil prices have hit 18-year lows during March
The Fuel Price Committee in the UAE said motorists will pay more than 10 per cent less at the pumps in April.
While the roads have been largely empty across the country over the past week due to coronavirus restrictions that require residents to stay at home, it will come as a financial relief to those who still need to make their way to work by vehicle.
It is unclear as to how long the restrictions on movement will stay in place as they are under review.
Here is the breakdown of prices per litre:
• Super 98: Dh1.91 – down from Dh2.16 in March
• Special 95: Dh1.80 – down from Dh2.04 in March
• Diesel: Dh2.06 – down from Dh2.25 in March
Petrol prices in the UAE were liberalised in August 2015 to allow them to with the market.
The cost of filling up at the pumps fell 4 per cent in March after two months of flat prices.
Motoring costs for drivers in Abu Dhabi were due to rise at the end of March with the introduction of the road-toll charges, but an exemption was brought in as part of the Abu Dhabi Executive Council's economic stimulus package aimed at offsetting the financial effects of Covid-19.
Meanwhile, global oil prices fell dramatically during March amid the initial spread of the virus.
They have lost more than 60 per cent of their value from January when Brent was trading at $69 (Dh253.43) a barrel.
Brent was trading 5.8 per cent lower on Monday morning, down $1.45 to $23.48 per barrel, after earlier dropping to $23.03, the lowest since November 2002.
West Texas Intermediate crude futures fell as far as $19.92, near an 18-year low hit earlier this month.
The virus outbreak is set to create a supply-demand imbalance as planes stay grounded and governments order workers not to travel.
During the early part of the month, Opec+ failed to reach agreement with other producers, including Russia, to curb oil production to support prices.
Updated: March 30, 2020 12:23 PM