Motorists in the UAE will pay less at the pump for a sixth month in a row as crude prices on international markets continue to fall.
Prices of Super 98 for February have been reduced by 6.5 per cent compared with January and will cost Dh1.58 per litre, according to an announcement by the Ministry of Energy on Thursday morning.
Transport and logistics providers will benefit the most next month. Diesel prices have been cut by 14.9 per cent to Dh1.37 compared with Dh1.61 for January.
Car owners will also save when filling up with Special 95 and E Plus 91, which have fallen by 6.9 per cent and 7.2 per cent respectively.
Brent prices have declined 10 per cent since December 28, when fuel prices in the UAE were last updated. The European benchmark fell more than 1 per cent this morning in Asian trade at $32.75.
August was the only month when fuel prices increased after the Ministry of Energy said it would liberalise fuel prices.
Meanwhile, the Energy Minister Suhail Al Mazrouei expects the global oversupply of crude to decline this year, even after Iran adds an expected 500,000 barrels per day (bpd) in oil output.
“Iran’s possible production increase of 500,000 bpd this year won’t be enough to meet the expected demand,” said Mr Al Mazrouei. “It’s difficult to see where the new oil supply is coming from this year to fill the expected annual demand increase of at least 1.3 million barrels a day.”
* with agencies
