New Fuel Prices in the UAE for February 2018
Price Increases
The Ministry of Energy in the UAE has announced the new fuel prices for February, indicating an increase in both gasoline and diesel prices compared to January. Following the introduction of the recently implemented value-added tax (VAT), the prices are as follows:
- Super 98 Gasoline: 2.36 AED / liter
- 95 Gasoline: 2.25 AED / liter
- Diesel: 2.49 AED / liter
Details of the Price Increases
The price of Super 98 gasoline rose from 2.24 AED to 2.36 AED per liter, marking a 5% increase in January. Meanwhile, 95 gasoline saw a larger increase from 2.12 AED to 2.25 AED per liter, totaling a 6% rise. Diesel experienced the highest increase this month, with the price per liter climbing from 2.33 AED to 2.49 AED, equating to a 6.8% increase.
Factors Influencing Fuel Prices
Fuel prices in the UAE are determined based on global oil prices, which have recently reached $71 per barrel, a figure not seen since 2014. Following this peak, the price per barrel has decreased to $70, with OPEC (the Organization of the Petroleum Exporting Countries) cutting supplies to around 1.8 million barrels per day.
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