The price of petrol in the UAE will increase next month while diesel is set to cost less, the UAE fuel price committee announced on Sunday.
Prices rose in March and February after dropping in November, December and January, reflecting the trend in the global oil market.
How much will fuel cost in April?
The breakdown in fuel price per litre for April is as follows:
• Super 98: Dh3.15, from Dh3.03 in March (up by 4 per cent)
• Special 95: Dh3.03, from Dh2.92 in March (up by 3.7 per cent)
• Diesel: Dh3.09, from Dh3.16 in March (down by 2.2 per cent)
• E-plus 91: Dh2.96, from Dh2.85 in March, (up by 3.8 per cent)
The UAE liberalised fuel prices in 2015 to allow them to move in line with the market. In 2020, prices were frozen after the start of the Covid-19 pandemic.
The controls were lifted in March 2021 to reflect the movement of the market once again.
Oil prices recorded a strong gain in the first quarter of the year amid Opec+ output cuts and rising fears of supply disruption due to geopolitical risks.
Oil prices have risen by about 11 per cent since the beginning of the year due to Opec+ supply cuts and geopolitical uncertainty arising from Ukrainian drone attacks on Russian oil infrastructure.
Looking ahead, the balance between supply and demand in the market will depend on decisions made by the Opec+ alliance.
“We expect Brent to grind higher until $90 or until we reach June, supported by geopolitical tension which has shifted back to Russia-Ukraine, as well as a healthy debate on global balances,” said Vikas Dwivedi, Macquarie’s global energy strategist, last week.
“If Brent reaches $90, we believe most of the upside will be factored into oil and the remaining unpriced fundamental factors, mostly supply growth related, will largely be bearish,” he said.
The Opec+ alliance recently extended voluntary cuts of 2.2 million barrels per day into the second quarter to stabilise oil markets.
The group will hold an online meeting on April 3 to review oil market conditions. A full ministerial gathering will be held in Vienna in June.
Another key factor to monitor will be the impact of the Russia-Ukraine war on oil supply.
On March 24, Russia unleashed a barrage of missiles on Ukraine’s western region of Lviv. The assault on Ukraine followed recent attacks on Russian oil infrastructure, with several crude refineries hit in drones strikes this month alone.
While the damage at most energy complexes has been repaired quickly, between 600,000 to 900,000 barrels per day of refining capacity is set to remain offline for “several weeks to months”, Japanese lender MUFG said in a report this month.
In the Middle East, Houthis continued to attack commercial vessels in the Red Sea, hitting Chinese-owned oil tanker Huang Pu, the US military said earlier.
Israel has also continued its attacks in Gaza, as chief negotiators to the truce talks have left Qatar without making tangible progress towards a deal to pause the fighting.
Earlier this month, the International Energy Agency projected global oil markets to be in a supply deficit this year instead of the surplus as previously predicted, with Opec+ supply cuts expected to continue into the second half of the year.
The agency's projection was based on the assumption that the voluntary cuts by Opec+ will remain in effect until the end of 2024 unless there is confirmation from the producers' alliance indicating otherwise.
The agency also raised its annual oil demand growth forecast, citing higher-than-expected crude consumption of 1.7 million bpd in the first quarter.
It expected oil demand to grow by 1.3 million bpd in 2024, up from its previous estimate of about 1.2 million bpd, but significantly lower than the expansion of 2.3 million bpd recorded last year.
The projection reflects slowing fuel demand in China as well as efficiency gains and rising adoption of electric vehicles worldwide, the agency said.
The forecast has also narrowed the gap to Opec’s estimate of 2.2 million bpd growth this year. Opec has taken a more positive view of the oil markets and expects higher economic growth in the US and India to drive consumption.
Earlier this month, Opec raised its estimate for global economic growth this year by 0.1 per cent to 2.8 per cent, citing “robust” economic expansion in the second half of 2023.
Opec also said that the extension of voluntary cuts by the Opec alliance, which includes Russia, would lead to non-Opec crude production growing by 1.1 million bpd this year, down 120,000 bpd from the group’s previous projection.
“We think the oil market will tighten already next quarter, driven by voluntary production cuts of O pec member states and lower Russian production, while oil demand remains healthy,” said Giovanni Staunovo, strategist at UBS earlier this month.
More from Neighbourhood Watch
Haircare resolutions 2021
From Beirut and Amman to London and now Dubai, hairstylist George Massoud has seen the same mistakes made by customers all over the world. In the chair or at-home hair care, here are the resolutions he wishes his customers would make for the year ahead.
1. 'I will seek consultation from professionals'
You may know what you want, but are you sure it’s going to suit you? Haircare professionals can tell you what will work best with your skin tone, hair texture and lifestyle.
2. 'I will tell my hairdresser when I’m not happy'
Massoud says it’s better to offer constructive criticism to work on in the future. Your hairdresser will learn, and you may discover how to communicate exactly what you want more effectively the next time.
3. ‘I will treat my hair better out of the chair’
Damage control is a big part of most hairstylists’ work right now, but it can be avoided. Steer clear of over-colouring at home, try and pursue one hair brand at a time and never, ever use a straightener on still drying hair, pleads Massoud.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Other ways to buy used products in the UAE
UAE insurance firm Al Wathba National Insurance Company (AWNIC) last year launched an e-commerce website with a facility enabling users to buy car wrecks.
Bidders and potential buyers register on the online salvage car auction portal to view vehicles, review condition reports, or arrange physical surveys, and then start bidding for motors they plan to restore or harvest for parts.
Physical salvage car auctions are a common method for insurers around the world to move on heavily damaged vehicles, but AWNIC is one of the few UAE insurers to offer such services online.
For cars and less sizeable items such as bicycles and furniture, Dubizzle is arguably the best-known marketplace for pre-loved.
Founded in 2005, in recent years it has been joined by a plethora of Facebook community pages for shifting used goods, including Abu Dhabi Marketplace, Flea Market UAE and Arabian Ranches Souq Market while sites such as The Luxury Closet and Riot deal largely in second-hand fashion.
At the high-end of the pre-used spectrum, resellers such as Timepiece360.ae, WatchBox Middle East and Watches Market Dubai deal in authenticated second-hand luxury timepieces from brands such as Rolex, Hublot and Tag Heuer, with a warranty.
MATCH INFO
Uefa Champions League final:
Who: Real Madrid v Liverpool
Where: NSC Olimpiyskiy Stadium, Kiev, Ukraine
When: Saturday, May 26, 10.45pm (UAE)
TV: Match on BeIN Sports
Your rights as an employee
The government has taken an increasingly tough line against companies that fail to pay employees on time. Three years ago, the Cabinet passed a decree allowing the government to halt the granting of work permits to companies with wage backlogs.
The new measures passed by the Cabinet in 2016 were an update to the Wage Protection System, which is in place to track whether a company pays its employees on time or not.
If wages are 10 days late, the new measures kick in and the company is alerted it is in breach of labour rules. If wages remain unpaid for a total of 16 days, the authorities can cancel work permits, effectively shutting off operations. Fines of up to Dh5,000 per unpaid employee follow after 60 days.
Despite those measures, late payments remain an issue, particularly in the construction sector. Smaller contractors, such as electrical, plumbing and fit-out businesses, often blame the bigger companies that hire them for wages being late.
The authorities have urged employees to report their companies at the labour ministry or Tawafuq service centres — there are 15 in Abu Dhabi.
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The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Desert Warrior
Starring: Anthony Mackie, Aiysha Hart, Ben Kingsley
Director: Rupert Wyatt
Rating: 3/5
Jebel Ali card
1.45pm: Maiden Dh75,000 1,400m
2.15pm: Handicap Dh90,000 1,400m
2.45pm: Maiden Dh75,000 1,000m
3.15pm: Handicap Dh105,000 1,200m
3.45pm: Maiden Dh75,000 1,600m
4.15pm: Handicap Dh105,000 1,600m
4.45pm: Handicap Dh80,000 1,800m
The National selections
1.45pm: Cosmic Glow
2.15pm: Karaginsky
2.45pm: Welcome Surprise
3.15pm: Taamol
3.45pm: Rayig
4.15pm: Chiefdom
4.45pm: California Jumbo
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 201hp at 5,200rpm
Torque: 320Nm at 1,750-4,000rpm
Transmission: 6-speed auto
Fuel consumption: 8.7L/100km
Price: Dh133,900
On sale: now
Start times
5.55am: Wheelchair Marathon Elites
6am: Marathon Elites
7am: Marathon Masses
9am: 10Km Road Race
11am: 4Km Fun Run
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Avatar: Fire and Ash
Director: James Cameron
Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana
Rating: 4.5/5
THE SPECS
Engine: 3-litre V6
Transmission: eight-speed automatic
Power: 424hp
Torque: 580 Nm
Price: From Dh399,000
On sale: Now
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
'Outclassed in Kuwait'
Taleb Alrefai,
HBKU Press
Biography
Her family: She has four sons, aged 29, 27, 25 and 24 and is a grandmother-of-nine
Favourite book: Flashes of Thought by Sheikh Mohammed bin Rashid
Favourite drink: Water
Her hobbies: Reading and volunteer work
Favourite music: Classical music
Her motto: I don't wait, I initiate
Quick facts on cancer
- Cancer is the second-leading cause of death worldwide, after cardiovascular diseases
- About one in five men and one in six women will develop cancer in their lifetime
- By 2040, global cancer cases are on track to reach 30 million
- 70 per cent of cancer deaths occur in low and middle-income countries
- This rate is expected to increase to 75 per cent by 2030
- At least one third of common cancers are preventable
- Genetic mutations play a role in 5 per cent to 10 per cent of cancers
- Up to 3.7 million lives could be saved annually by implementing the right health
strategies
- The total annual economic cost of cancer is $1.16 trillion
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UAE currency: the story behind the money in your pockets
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
More coverage from the Future Forum
So what is Spicy Chickenjoy?
Just as McDonald’s has the Big Mac, Jollibee has Spicy Chickenjoy – a piece of fried chicken that’s crispy and spicy on the outside and comes with a side of spaghetti, all covered in tomato sauce and topped with sausage slices and ground beef. It sounds like a recipe that a child would come up with, but perhaps that’s the point – a flavourbomb combination of cheap comfort foods. Chickenjoy is Jollibee’s best-selling product in every country in which it has a presence.
Racecard:
6.30pm: Mazrat Al Ruwayah (PA) | Group 2 | US$55,000 (Dirt) | 1,600 metres
7.05pm: Meydan Sprint (TB) | Group 2 | $250,000 (Turf) | 1,000m
7.40pm: Firebreak Stakes | Group 3 | $200,000 (D) | 1,600m
8.15pm: Meydan Trophy | Conditions (TB) | $100,000 (T) | 1,900m
8.50pm: Balanchine | Group 2 (TB) | $250,000 (T) | 1,800m
9.25pm: Handicap (TB) | $135,000 (D) | 1,200m
10pm: Handicap (TB) | $175,000 (T) | 2,410m.
What is tokenisation?
Tokenisation refers to the issuance of a blockchain token, which represents a virtually tradable real, tangible asset. A tokenised asset is easily transferable, offers good liquidity, returns and is easily traded on the secondary markets.
Votes
Total votes: 1.8 million
Ashraf Ghani: 923,592 votes
Abdullah Abdullah: 720,841 votes
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The specs: 2018 Nissan Patrol Nismo
Price: base / as tested: Dh382,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
Power: 428hp @ 5,800rpm
Torque: 560Nm @ 3,600rpm
Fuel economy, combined: 12.7L / 100km
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The five pillars of Islam
'Moonshot'
Director: Chris Winterbauer
Stars: Lana Condor and Cole Sprouse
Rating: 3/5
The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5
