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.
Guide to intelligent investing
Investing success often hinges on discipline and perspective. As markets fluctuate, remember these guiding principles:
- Stay invested: Time in the market, not timing the market, is critical to long-term gains.
- Rational thinking: Breathe and avoid emotional decision-making; let logic and planning guide your actions.
- Strategic patience: Understand why you’re investing and allow time for your strategies to unfold.
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
UAE currency: the story behind the money in your pockets
Company profile
Name: Dukkantek
Started: January 2021
Founders: Sanad Yaghi, Ali Al Sayegh and Shadi Joulani
Based: UAE
Number of employees: 140
Sector: B2B Vertical SaaS(software as a service)
Investment: $5.2 million
Funding stage: Seed round
Investors: Global Founders Capital, Colle Capital Partners, Wamda Capital, Plug and Play, Comma Capital, Nowais Capital, Annex Investments and AMK Investment Office
Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
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Political flags or banners
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Bikes, skateboards or scooters
Stan%20Lee
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20David%20Gelb%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
Tamkeen's offering
- Option 1: 70% in year 1, 50% in year 2, 30% in year 3
- Option 2: 50% across three years
- Option 3: 30% across five years
Killing of Qassem Suleimani
UAE currency: the story behind the money in your pockets
THE SPECS
Engine: 1.5-litre turbocharged four-cylinder
Transmission: Constant Variable (CVT)
Power: 141bhp
Torque: 250Nm
Price: Dh64,500
On sale: Now
The five pillars of Islam
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
RESULTS
Time; race; prize; distance
4pm: Maiden; (D) Dh150,000; 1,200m
Winner: General Line, Xavier Ziani (jockey), Omar Daraj (trainer)
4.35pm: Maiden (T); Dh150,000; 1,600m
Winner: Travis County, Adrie de Vries, Ismail Mohammed
5.10pm: Handicap (D); Dh175,000; 1,200m
Winner: Scrutineer, Tadhg O’Shea, Ali Rashid Al Raihe
5.45pm: Maiden (D); Dh150,000; 1,600m
Winner: Yulong Warrior, Richard Mullen, Satish Seemar
6.20pm: Maiden (D); Dh150,000; 1,600m
Winner: Ejaaby, Jim Crowley, Doug Watson
6.55pm: Handicap (D); Dh160,000; 1,600m
Winner: Storyboard, Richard Mullen, Satish Seemar
7.30pm: Handicap (D); Dh150,000; 2,200m
Winner: Grand Dauphin, Gerald Mosse, Ahmed Al Shemaili
8.05pm: Handicap (T); Dh190,000; 1,800m
Winner: Good Trip, Tadhg O’Shea, Ali Rashid Al Raihe
SOUTH%20KOREA%20SQUAD
%3Cp%3E%0D%3Cstrong%3EGoalkeepers%3A%20%3C%2Fstrong%3EKim%20Seung-gyu%2C%20Jo%20Hyeon-woo%2C%20Song%20Bum-keun%0D%3Cbr%3E%3Cstrong%3EDefenders%3A%20%3C%2Fstrong%3EKim%20Young-gwon%2C%20Kim%20Min-jae%2C%20Jung%20Seung-hyun%2C%20Kim%20Ju-sung%2C%20Kim%20Ji-soo%2C%20Seol%20Young-woo%2C%20Kim%20Tae-hwan%2C%20Lee%20Ki-je%2C%20Kim%20Jin-su%0D%3Cbr%3E%3Cstrong%3EMidfielders%3A%20%3C%2Fstrong%3EPark%20Yong-woo%2C%20Hwang%20In-beom%2C%20Hong%20Hyun-seok%2C%20Lee%20Soon-min%2C%20Lee%20Jae-sung%2C%20Lee%20Kang-in%2C%20Son%20Heung-min%20(captain)%2C%20Jeong%20Woo-yeong%2C%20Moon%20Seon-min%2C%20Park%20Jin-seob%2C%20Yang%20Hyun-jun%0D%3Cbr%3E%3Cstrong%3EStrikers%3A%20%3C%2Fstrong%3EHwang%20Hee-chan%2C%20Cho%20Gue-sung%2C%20Oh%20Hyeon-gyu%3C%2Fp%3E%0A
Winners
Ballon d’Or (Men’s)
Ousmane Dembélé (Paris Saint-Germain / France)
Ballon d’Or Féminin (Women’s)
Aitana Bonmatí (Barcelona / Spain)
Kopa Trophy (Best player under 21 – Men’s)
Lamine Yamal (Barcelona / Spain)
Best Young Women’s Player
Vicky López (Barcelona / Spain)
Yashin Trophy (Best Goalkeeper – Men’s)
Gianluigi Donnarumma (Paris Saint-Germain and Manchester City / Italy)
Best Women’s Goalkeeper
Hannah Hampton (England / Aston Villa and Chelsea)
Men’s Coach of the Year
Luis Enrique (Paris Saint-Germain)
Women’s Coach of the Year
Sarina Wiegman (England)
Our Time Has Come
Alyssa Ayres, Oxford University Press
Four reasons global stock markets are falling right now
There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:
1. Rising US interest rates
The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.
Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”
At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.
2. Stronger dollar
High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.”
3. Global trade war
Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”
4. Eurozone uncertainty
Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.
Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”
The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”
Stormy seas
Weather warnings show that Storm Eunice is soon to make landfall. The videographer and I are scrambling to return to the other side of the Channel before it does. As we race to the port of Calais, I see miles of wire fencing topped with barbed wire all around it, a silent ‘Keep Out’ sign for those who, unlike us, aren’t lucky enough to have the right to move freely and safely across borders.
We set sail on a giant ferry whose length dwarfs the dinghies migrants use by nearly a 100 times. Despite the windy rain lashing at the portholes, we arrive safely in Dover; grateful but acutely aware of the miserable conditions the people we’ve left behind are in and of the privilege of choice.
