Petrol prices rise in the UAE
Posted by Zaran Tarapore on Jan 29, 2018
The Ministry of Energy has announced new fuel prices for the month of February in the UAE, with petrol and diesel seeing an increase in prices compared to January. Factoring in the recently introduced VAT, per liter prices for Super 98 stand at AED 2.36, while Special 95 and Diesel are also up at AED 2.25 and AED 2.49 respectively.
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From AED 2.24 per liter to AED 2.36 per liter, the price of Super 98 has increased 5% over January, in contrast to the more popular Special 95 which rose from AED 2.12 per liter to AED 2.25 per liter, a more significant 6%. Diesel sees the biggest jump with prices increasing from AED 2.33 per liter to AED 2.49 per liter, a mighty 6.8% increase.
Fuel prices in the UAE are determined by the global oil market, which only recently hit a high of $71 per barrel, a figure that hasn’t been achieved since 2014. Since then, prices per barrel have gone back to $70 with Opec-led cuts in supply of around 1.8 million barrels a day.
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