The price of petrol in the UAE will rise in March while diesel will be cheaper, it has been announced.
The is the second consecutive rise in petrol prices following a drop in January linked to lower oil and gas prices.
The breakdown in price per litre for March is as follows:
• Super 98: Dh3.09 — from Dh3.05 in February (up 1.31 per cent)
• Special 95: Dh2.97 — from Dh2.93 in February (up 1.37 per cent)
• Diesel: Dh3.14 — from Dh3.38 in February (down 7.1 per cent)
• E-plus 91: Dh2.90 — from Dh2.86 in February (up 1.39 per cent)
The UAE liberalised petrol prices in 2015 to allow rates to move in line with the market.
In 2020, prices were frozen by the Fuel Price Committee after the onset of the coronavirus pandemic. The controls were removed in March 2021 to reflect the movement of the market once again.
Brent crude, the benchmark for two thirds of the world’s oil, is down by about 4 per cent since the start of the year.
However, the outlook for crude has improved after China, the world’s second-largest economy and top crude importer, reopened its economy following a strict zero-Covid policy for close to three years.
The International Energy Agency expects global oil demand to surge to record levels this year on China’s recovery.
Global oil demand will rise by 2 million barrels per day to 101.9 million bpd in 2023, the agency said in its February oil market report.
On Tuesday, Brent was 0.75 per cent higher at $83.07 a barrel at 2pm UAE time while West Texas Intermediate, the gauge that tracks US crude, was up 0.87 per cent at $76.34 a barrel.