UAE petrol prices increase by 16% in April

Fuel costs increase with diesel breaking the Dh4 per litre mark

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The cost of fuel in the UAE has increased for the month of April.

With prices having risen more than 10 per cent in February and a further 10 per cent in March, motorists face another double-digit increase this month.

The breakdown per litre is as follows:

Super 98: Dh3.74 – up 15.78% from Dh3.23 in March

• Special 95: Dh3.62 – up 16.02% from Dh3.12 in March

• Diesel: Dh4.02 – up 26.01% from Dh3.19 in March

• E-plus 91: Dh3.55 – up 16.39% from Dh3.05 in March

The new prices announced by the UAE Fuel Price Committee are the highest they have been since they were liberalised in 2015 to allow them to move in line with the market.

In 2020, prices were frozen by the Fuel Price Committee at the onset of the coronavirus pandemic. The controls were removed in March 2021 to reflect the market movement.

US President Joe Biden on Thursday announced the release of a record million barrels of oil a day from US strategic stockpiles to curb soaring prices.

Oil prices fell sharply on initial reports of the announcement. The price of Brent, the benchmark for two thirds of the world's oil, reached $107.20 a barrel on Thursday, down 5.5 per cent.

Oil prices surged close to $140 a barrel in March over concerns about lost Russian crude supply as some "self sanctioning" oil buyers shunned Russian crude after international sanctions on Moscow.

Prices have retreated somewhat since the US banned Russian energy imports on March 8, but have lingered above $100 a barrel most of the subsequent period.

Updated: April 01, 2022, 7:09 AM