Petrol prices in the UAE will drop in February, in line with global oil prices, authorities said on Saturday.
How much will fuel cost in February?
Super 98: Dh2.45, down from Dh2.53 in January
Special 95: Dh2.33, down from Dh2.42 in January
E-Plus 91: Dh2.26, down from Dh2.34 in January
Diesel: Dh2.52, down from 2.55 in January
The UAE deregulated fuel prices in 2015 and rates are now tied to those in the global oil market, which has experienced volatility since hitting a peak in 2022.
Among factors that have affected oil markets are the Russia-Ukraine war, conflicts in parts of the Middle East, global economic uncertainty, stock market concerns and interest rate speculation.
For the week ending January 30, oil prices posted their biggest monthly gain in years because of the threat of US strikes on Iran that could disrupt supply from the Opec member.
That possibility has increased in recent days, with the USS Abraham Lincoln carrier strike group arriving in the Middle East.
Mr Trump said that Iran could face a “far worse” attack than last year's strikes unless it begins talks over its nuclear programme.
Iran responded to the threat by saying any US attack on the country would be seen as the “start of war”, and that it would respond by striking the heart of Tel Aviv.
Iran is the fourth biggest oil producer within Opec bloc, with production of 3.18 million barrels a day. It has warned that it would close Strait of Hormuz, a chokepoint for global oil flows, if it is attacked.
