Petrol prices increased in UAE for March

Dubai - Prices have increased after declining for four consecutive months.

After four months of easing prices, petrol costs in the UAE are set to increase in March, the country's Fuel Price Committee announced on Wednesday.

From March 1, the price of Super 98 will be 9 fils higher at Dh2.04 a litre from Dh1.95 at present. Special 95 will climb 8 fils to Dh1.92 from Dh1.84, while diesel will rise 13 fils to Dh2.41 from Dh2.28.

Since November 2018, the UAE has cut petrol prices continually until this month, save for diesel, which rose during that month.

In that span, prices for both Super 98 and Special declined 66 fils. The price of diesel dropped 59 fils from December to February.

Oil rallied for a second day on Wednesday, buoyed by an unexpected decline in US crude inventories and after Saudi Arabia appeared undaunted by pressure from US President Donald Trump on Opec to prevent steeper price rises.

Crude prices have risen by almost a quarter so far this year, after the Organization of the Petroleum Exporting Countries, together with other producers such as Russia and Oman, agreed to cut output to avoid the build-up of a global surplus, particularly as US output has boomed.

With inputs from Reuters

business@khaleejtimes.com