UAE cuts fuel prices for March, but raises diesel

Petrol prices fall again in the UAE for the seventh straight month while diesel sees a slight increase of 2 per cent.

Prices of Super 98 for March have been reduced nearly 7 per cent compared with January and will cost Dh1.47 per litre, according to an announcement by the Ministry of Energy on Sunday. Special 95 fell 7.4 per cent with March prices set at Dh1.36 and E Plus 91 will save motorists close to 8 per cent on their fuel bills with the grade costing Dh1.29 per litre.

However, diesel will see a slight increase beginning next month as it moved to Dh1.40 from Dh1.37 per litre.

Fuel has dropped since the UAE announced that it would liberalise the pricing of fuel beginning in August, which placed the costs of petrol and diesel in line with global levels. However, the government has yet to give specifics as to pricing calculations.

Many regional governments are cutting subsidies as government budgets are squeezed by slumping oil prices. For over 18 months, the price of Brent crude – the global benchmark – has fallen over 70 per cent to around US$30 a barrel from its highs of $110.

Follow The National’s Business section on Twitter


Share This Post