Over 4% rise in UAE petrol prices in March

The UAE has increased petrol prices by around 4.5 per cent for the month of March, following price cuts in January and February, the country’s fuel price committee has announced.

The per litre price for Super 98 has been fixed at Dhs2.04, up 4.6 per cent from Dhs1.95 in February and while the price for Special 95 has been hiked by 4.3 per cent to Dhs1.92 from Dhs1.84 last month.

The price of diesel has been increased by 5.7 per cent to Dhs2.41 per litre compared to Dhs2.28 last month.

All rates are inclusive of VAT.

Check out the fuel prices for the month of March as announced by the #UAE Fuel Price Committee ⛽. #InspiringEnergy pic.twitter.com/MqFa21LbPV

— ENOC (@ENOC) February 27, 2019

The UAE links fuel prices to movements in international oil rates, which have risen sharply in the last few weeks.

On Monday, US President Donald Trump also took to Twitter to say: “Oil prices getting too high. OPEC, please relax and take it easy. World cannot take a price hike – fragile!”

In response, Saudi energy minister Khalid al-Falih was quoted on Wednesday that the Organization of the Petroleum Exporting Countries (OPEC) and its partners were “taking it easy”.

“We are taking it easy. The 25 countries are taking a very slow and measured approach. Just as the second half of last year proved, we are interested in market stability first and foremost,” Falih was quoted by CNBC as saying.

OPEC, along with other oil producers including Russia agreed in December to cut supply by 1.2 million barrels per day from January 1 for six months.