The UAE’s Fuel Price Committee is poised to reveal petrol and diesel rates for March on Thursday, February 29, aligning them with global pricing dynamics.
Global Oil Prices Surge in February
Internationally, oil prices witnessed a 3.34% increase, amounting to $2.6 per barrel in February 2024. This surge is attributed to supply constraints and the OPEC+ alliance contemplating an extension of output cuts.
Brent Crude Hovers Above $80 a Barrel
Throughout February, Brent crude prices remained slightly above $80 a barrel, showing a marginal uptick from the previous month. This global trend is anticipated to influence local adjustments when rates are revised for March on Thursday.
Current International Crude Prices
On Wednesday, WTI crude traded at $78.49 per barrel, marking a 0.48% decrease, while Brent declined by 0.43% to $83.29 a barrel around midday UAE time.
February’s Retail Petrol Prices in the UAE
In the UAE, retail petrol prices experienced a slight increase for February, setting Super 98, Special 95, and E-Plus 91 at Dh2.88, Dh2.76, and Dh2.69 per litre, respectively.
Impact on Motorists and Taxi Operators
Motorists, particularly those covering long distances, keenly await petrol price announcements to make adjustments to their monthly budgets. Similarly, local taxi operators have adapted their fares following the petrol price announcement.
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