<a href="https://www.thenationalnews.com/business/energy/2024/09/30/uae-petrol-and-diesel-prices-to-fall-in-october/" target="_blank">Petrol and diesel prices</a> in the Emirates will decrease in March, reflecting trends in the global <a href="https://www.thenationalnews.com/business/energy/2024/09/30/uae-petrol-and-diesel-prices-to-fall-in-october/" target="_blank">oil market</a>, state news agency Wam reported on Friday, quoting the UAE fuel price committee. Petrol prices were unchanged in January and went up about 5 per cent in February. The breakdown of fuel prices per litre for next month is as follows: <b>Super 98:</b> Dh2.73 per litre, down nearly 0.4 per cent from Dh2.74 in February <b>Special 95:</b> Dh2.61 per litre, 0.8 per cent lower than Dh2.63 in February <b>Diesel:</b> Dh2.77 per litre, a decrease of about 1.8 per cent from Dh2.82 in February <b>E-Plus 91:</b> Dh2.54 per litre, down nearly 0.4 per cent from Dh2.55 in February The UAE deregulated fuel prices in 2015, aligning them with market fluctuations. Fuel prices in the UAE are closely tied to movements in the global oil market, which has experienced significant fluctuations since last year. Geopolitical uncertainties, shifting supply dynamics and concern about slowing economic growth have all contributed to the volatility in oil prices. Oil prices fell on Friday and were on track for their first monthly decline since November, with US tariff threats exacerbating worries about sluggish Chinese crude demand. Brent, the benchmark for two thirds of the world’s oil, was trading 0.76 per cent lower at $73.48 a barrel at 11.16am UAE time. West Texas Intermediate, the gauge that tracks US crude, was down 0.91 per cent at $69.71. On Thursday, US President Donald Trump said that his planned 25 per cent tariffs on Mexican and Canadian goods will go into effect on March 4, alongside an additional 10 per cent duty on Chinese imports. Investors are concerned that a renewed trade war between the US and China will create uncertainty and risk dampening global trade, which, in turn, could negatively impact demand for crude oil. "Uncertainty remains elevated around the Trump administration’s next steps on tariffs and sanctions. This will likely keep oil markets volatile," Giovanni Staunovo, strategist at UBS, said in a research note this week.
