Petrol prices in the UAE are set to rise in March against a backdrop of surging global oil prices.
Having risen more than 10 per cent in February, motorists across the Emirates will pay 10 per cent more at the pumps again next month.
The breakdown per litre is as follows:
• Super 98: Dh3.23 – up 9.86% from Dh2.94 in February
• Special 95: Dh3.12 – up 10.63% from Dh2.82 in February
• Diesel: Dh3.19 – up 10.76% from Dh2.88 in February
Fuel prices in the UAE were liberalised in August 2015 to allow them to move in line with the market. The prices for March are the highest since they were liberalised, and it is the first time since then that they have gone above Dh3 a litre.
They were frozen by the Fuel Price Committee in 2020 after the onset of the coronavirus pandemic. They then started to adjust again in March 2021 to reflect the market movement.
The price of Brent, the benchmark for two thirds of the world's oil, soared to above $105 last week — prices not seen since 2014.
And oil prices could hit $130 a barrel by June if the Ukrainian conflict disrupts Russian crude flows. Oil prices could surge beyond that if the crisis escalates further, according to industry analysts.
Prices did, however, recede to below $100 a barrel at the end of trading on Friday after various punitive measures announced by the US and its European allies against Russia for its military offensive in Ukraine, fell short of targeting Moscow's energy industry.
Brent was up 4.67 per cent, trading at $102.50 per barrel at 3.55pm UAE time on Monday. West Texas Intermediate, the gauge that tracks US crude, was also 4.47 per cent higher at $95.68 per barrel.
Meanwhile, Opec+, which is led by Saudi Arabia and Russia, will meet this week to decide future production cuts.
KEY DEVELOPMENTS IN MARITIME DISPUTE
2000: Israel withdraws from Lebanon after nearly 30 years without an officially demarcated border. The UN establishes the Blue Line to act as the frontier.
2007: Lebanon and Cyprus define their respective exclusive economic zones to facilitate oil and gas exploration. Israel uses this to define its EEZ with Cyprus
2011: Lebanon disputes Israeli-proposed line and submits documents to UN showing different EEZ. Cyprus offers to mediate without much progress.
2018: Lebanon signs first offshore oil and gas licencing deal with consortium of France’s Total, Italy’s Eni and Russia’s Novatek.
2018-2019: US seeks to mediate between Israel and Lebanon to prevent clashes over oil and gas resources.
History's medical milestones
1799 - First small pox vaccine administered
1846 - First public demonstration of anaesthesia in surgery
1861 - Louis Pasteur published his germ theory which proved that bacteria caused diseases
1895 - Discovery of x-rays
1923 - Heart valve surgery performed successfully for first time
1928 - Alexander Fleming discovers penicillin
1953 - Structure of DNA discovered
1952 - First organ transplant - a kidney - takes place
1954 - Clinical trials of birth control pill
1979 - MRI, or magnetic resonance imaging, scanned used to diagnose illness and injury.
1998 - The first adult live-donor liver transplant is carried out
Profile of RentSher
Started: October 2015 in India, November 2016 in UAE
Founders: Harsh Dhand; Vaibhav and Purvashi Doshi
Based: Bangalore, India and Dubai, UAE
Sector: Online rental marketplace
Size: 40 employees
Investment: $2 million
Company profile
Name: Steppi
Founders: Joe Franklin and Milos Savic
Launched: February 2020
Size: 10,000 users by the end of July and a goal of 200,000 users by the end of the year
Employees: Five
Based: Jumeirah Lakes Towers, Dubai
Financing stage: Two seed rounds – the first sourced from angel investors and the founders' personal savings
Second round raised Dh720,000 from silent investors in June this year
