UAE petrol prices: Will fuel rates drop in April?
Petrol prices in the UAE are likely to drop for the month of April as global prices stayed on the lower side in March.
Brent price averaged around $70.93 in March compared to $75 in February. Petrol prices in the UAE are expected to be revised down when new prices are announced for the next month in the coming days. The UAE government usually announces revised rates on the last day of every month.
In March, Super 98 was priced at Dh2.73 per litre, Special 95 at Dh2.61 and E-Plus at Dh2.54. Globally, Brent was trading at $74.11 per barrel and WTI at $70.01 a barrel in early trade on Friday.
Joseph Dahrieh, managing principal at Tickmill, said crude oil might see increased volatility as market participants navigate the uncertainty surrounding recent global developments.
'The market reacted to the announcement of US tariffs on countries buying Venezuelan oil and to the mounting concerns over the broader economic impact of escalating trade tensions, which threaten to weaken global demand.
'In this regard, the uncertainty surrounding the potential reduction in Venezuelan oil exports could tighten supply in the short term to a certain extent. Similarly, sanctions on Iranian oil could contribute to a potentially tighter market. However, economic slowdown fears due to tariff-induced costs could continue to pressure crude prices,' said Dahrieh.
Meanwhile, changes in Opec+ crude production could affect the market. The organisation is expected to increase oil output, which could further weigh on prices. However, the group's efforts to address overproduction from certain members could provide a floor for prices.
After weeks of downward pressure, oil prices rebounded to a certain extent over the past two weeks. The recovery marked a notable shift in market sentiment, with both benchmarks recording weekly gains.
George Pavel, general manager at Naga.com Middle East, said escalating tensions in the region have supported oil prices.
'Recent US military strikes against Houthi rebels in the Red Sea and ongoing Israeli operations in Gaza have heightened concerns about the region. However, developments in the Russia-Ukraine conflict could act as a counterbalance if peace talks succeed, creating more volatility,' he said, adding that in addition to the market's volatility, the US' announcement of new tariffs on Venezuelan oil buyers, set to take effect on April 2, 2025, has created ripples through the global oil markets.
'This policy shift, coupled with existing sanctions on Russian and Iranian oil producers, has raised concerns among traders,' he added.
Month Super 98 Special 95 E-Plus 91
Jan-24 2.82 2.71 2.64
February 2.88 2.76 2.69
March 3.03 2.92 2.85
April 3.15 3.03 2.96
May 3.34 3.22 3.15
June 3.14 3.02 2.95
July 2.99 2.88 2.8
August 3.05 2.93 2.86
September 2.9 2.78 2.71
October 2.66 2.54 2.47
November 2.74 2.63 2.55
December 2.61 2.5 2.43
Jan-25 2.61 2.5 2.43
February 2.74 2.63 2.55
March 2.73 2.61 2.54
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
an hour ago
- Zawya
Oil slips on US stockpile build, Saudi Arabia price cuts
TOKYO - Oil prices slipped on Thursday after a build in U.S. gasoline and diesel inventories and cuts to Saudi Arabia's July prices for Asian crude buyers, with global economic uncertainty also weighing on prices. Brent crude futures fell 14 cents, or 0.2%, to $64.72 a barrel at 0500 GMT. U.S. West Texas Intermediate crude lost 24 cents, or 0.4%, dropping to $62.61 a barrel. Oil prices closed around 1% lower on Wednesday after official data showed that U.S. gasoline and distillate stockpiles grew more than expected, reflecting weaker demand in the world's top economy. Adding to the weakness, Saudi Arabia, the world's biggest oil exporter, cut its July prices for Asian crude buyers to nearly the lowest in four years. "While the (Saudi) decrease was smaller than anticipated, it suggests demand is soft despite entering the peak demand period," said ANZ analysts in a note. The price cut by Saudi Arabia follows the OPEC+ move over the weekend to increase output by 411,000 barrels per day for July. OPEC+ is made up of members of the Organization of the Petroleum Exporting Countries and allies such as Russia. The strategy of OPEC+ group leaders Saudi Arabia and Russia is partly to punish over-producers and to wrestle back market share, Reuters has reported. Weak U.S. economic data and ongoing developments in U.S.-China trade relations also weighed on oil prices, said independent market analyst Tina Teng. "Simply put, a gloomy global economic trajectory dimmed the demand outlook," she said. "Markets are cautiously watching for any progress in trade talks between the world's two top economies." Data on Wednesday showed that the U.S. services sector contracted for the first time in nearly a year in May while businesses paid higher prices for inputs, indicating the American economy remains in danger of slow growth and high inflation. On the trade front, U.S. President Donald Trump said on Wednesday that China's Xi Jinping was tough and "extremely hard to make a deal with", exposing friction between Beijing and Washington after the White House had raised expectations for a long-awaited Xi-Trump phone call this week. Meanwhile, Canada prepared possible reprisals and the European Union reported progress in trade talks as new U.S. metals tariffs triggered more disruption in the global economy and added urgency to negotiations with Washington. "Uncertainty fuelled by President Trump's shifting stance on tariffs has intensified fears of a global economic slowdown," analyst Ole Hansen at Saxo Bank said in a note. (Reporting by Katya Golubkova in Tokyo and Emily Chow in Singapore; Editing by Tom Hogue)
Arabian Post
3 hours ago
- Arabian Post
Saudi Arabia Pushes for Larger OPEC+ Oil Output Increases
Arabian Post Staff -Dubai Saudi Arabia is advocating for accelerated increases in oil production within the OPEC+ coalition, aiming to reclaim market share lost during past output cuts. The kingdom is reportedly pressing the group to raise supplies by more than 400,000 barrels per day for August and possibly September, signalling a clear shift in strategy amid evolving global energy demands. The decision underscores Saudi Arabia's intent to capitalise on high seasonal demand in the northern hemisphere summer months. By scaling back production curbs more aggressively, Riyadh seeks to boost revenue and solidify its influence over global oil markets as supply dynamics shift. This approach reflects broader geopolitical and economic calculations, especially as global economies adjust to fluctuating energy needs and the ongoing transition to cleaner energy sources. ADVERTISEMENT OPEC+ has been managing oil supply carefully since 2020, following the severe demand shock caused by the pandemic and ensuing market volatility. Initial drastic cuts helped stabilise prices, but the alliance has gradually increased output to balance rising demand. Saudi Arabia, as the largest producer within OPEC+, holds substantial sway in determining the group's production policies and has been central to managing these supply adjustments. This move to hasten production hikes also coincides with concerns over emerging market demand and the possible impact of economic slowdowns in key economies such as China and Europe. Saudi officials appear confident that increased output will prevent rivals, including the US shale sector and other non-OPEC producers, from expanding their share amid tightening market conditions. Industry experts highlight that Saudi Arabia's push for faster supply growth may be aimed at pre-empting market share erosion by ensuring that OPEC+ remains the dominant supplier globally. Since mid-2022, the kingdom has carefully recalibrated its production to respond to volatile price trends and geopolitical uncertainties, including tensions in the Middle East and disruptions caused by sanctions on Russia. The timing of the proposed output rise is critical. Summer months traditionally bring peak consumption due to higher energy needs for cooling in developed markets, which can drive up prices. Saudi Arabia's intention to increase supply during this window suggests an effort to maximise returns while stabilising prices to avoid sharp fluctuations that could undermine consumer confidence and economic recovery. Global oil markets remain sensitive to a variety of factors including inflationary pressures, currency fluctuations, and shifting consumer behaviour. While demand for fossil fuels is under pressure from environmental policies and the accelerating transition to renewables, oil remains a crucial commodity in the global energy mix. Saudi Arabia's strategy to secure market share through supply management is thus seen as a pragmatic response to balancing short-term profitability with long-term market relevance. ADVERTISEMENT OPEC+ member countries have historically struggled to reach consensus on output levels, with diverse national interests shaping negotiations. Saudi Arabia's dominant position, reinforced by its vast production capacity and financial reserves, often allows it to influence group decisions. However, some members have expressed concerns about aggressive supply increases potentially undermining prices and fiscal stability. The broader geopolitical landscape also plays a role in shaping OPEC+ policies. Tensions involving key players such as Russia, which holds a significant share in the alliance, and ongoing conflicts in the Middle East add layers of complexity to supply decisions. Riyadh's leadership in pushing for larger hikes indicates confidence in managing these risks while maintaining its strategic goals. Market analysts note that US shale producers have responded to higher prices by increasing output, albeit with some operational constraints. Saudi Arabia's efforts to accelerate OPEC+ production are seen as a counterbalance to this trend, aiming to keep global supply within manageable limits and avoid price spikes that could trigger demand destruction or accelerate the shift to alternatives. Saudi Aramco, the kingdom's state-owned oil giant, plays a pivotal role in implementing the supply strategy. Its vast infrastructure, including refineries and export terminals, supports the planned output increases. Aramco's ability to ramp up production rapidly without incurring excessive costs provides Saudi Arabia with a competitive edge in the global energy market. Environmental considerations also influence production decisions. While the global push for net-zero emissions is intensifying, OPEC+ nations, led by Saudi Arabia, continue to argue for the essential role of oil in energy security and economic development. The kingdom is simultaneously investing in cleaner technologies and diversifying its economy to reduce dependence on hydrocarbons in the long term. The interaction between Saudi Arabia's production policy and global economic indicators remains closely monitored by investors and policymakers alike. Oil prices affect inflation rates, trade balances, and geopolitical stability, making OPEC+ decisions crucial beyond the energy sector. The kingdom's assertive stance on output could signal a more proactive approach to managing these broader economic impacts. Analysts emphasize that while Saudi Arabia seeks to regain market share, the volatility of global markets and uncertainties surrounding demand growth require cautious optimism. Supply increases must be balanced against potential oversupply risks, which could trigger price declines detrimental to all producers within OPEC+.
Zawya
17 hours ago
- Zawya
Mideast Stocks: Most Gulf markets rise, Dubai's main index hits over 17-year high
Most Gulf share indexes ended higher on Wednesday, tracking steady oil prices as a hit to Canadian supply from wildfires offset a hit from ongoing OPEC+ output increases. Dubai's main share index hit its highest levels since 2008 and settled 0.25% higher, with real estate financier Amlak Finance the top gainer on the index with a 14.6% rise. The index has been recording gains each year since 2021. It rose 27% last year and is up 7% so far this year. Abu Dhabi's benchmark index followed the trend, closing 0.45% higher. The index recorded a second consecutive session of gains. Oil prices - a catalyst for stock markets in the Gulf - held steady, with Brent crude futures rising 0.1% to $65.59 a barrel by 1203 GMT. The OPEC+ group recently decided to increase output by 411,000 barrels per day, a similar increase from the prior two months. Meanwhile, Canada's wildfires have reduced production by 344,000 bpd, according to Reuters calculations. A possible call between U.S. President Donald Trump and Chinese leader Xi Jinping also dominated market sentiment, with investors continuing to focus on the pace of trade negotiations. Saudi Arabia's benchmark stock index settled 1.59% higher, with Arabian Pipes Company jumping 35.15%. The welded steel pipes manufacturer approved an increase of its share capital to 200 million SAR ($53.32 million) at an extraordinary meeting last day. JP Morgan also said on Tuesday that the kingdom is expected to issue $12.6 billion in bonds until year-end. Companies in Saudi Arabia have been tapping debt markets, with state oil giant Aramco raising $5 billion in bonds last week. Aramco settled flat on Wednesday. Qatar's benchmark stock index finished 0.56% lower, with Commercial Bank falling 2.45%. Data from Qatar's finance ministry showed that the country recorded a budget deficit of 0.5 billion Qatari riyals ($137.32 million) in the first quarter of 2025 and total revenue of 49.9 billion Qatari riyals, down 7.5% from the same period last year. Outside the Gulf, Egypt's blue-chip index was up 1%, with automotive company GB Corp rising 7.29%. The index recorded a second consecutive session of gains. Wednesday also marks the deadline for countries to submit their best proposals for trade deals with the United States to avoid Trump's hefty tariffs. All Gulf stock markets will be closed on Thursday as the countries will be observing the Day of Arafat. SAUDI ARABIA up 1.59% to 11,004.5 ABU DHABI up 0.45% to 9,735 DUBAI up 0.25% to 5,535.9 QATAR down 0.56% to 10,558.3 EGYPT up 1% to 32,677.9 BAHRAIN up 0.1% to 1,923.1 OMAN up 0.56% to 4,578.8 KUWAIT up 0.42% to 8,854.23 ($1 = 3.7506 Saudi Riyals) ($1 = 3.6412 Qatar riyals) (Reporting by Rishab Shaju in Bengaluru; Editing by Leroy Leo)
