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The National
31-03-2025
- Business
- The National
UAE fuel prices to fall more than 5% in April
Petrol and diesel prices in the UAE will decrease by more than 5 per cent in April, reflecting trends in the global oil market, state news agency Wam reported on Monday, quoting the UAE fuel price committee. It will be the second time prices will go down in 2025. They were unchanged in January and went up about 5 per cent in February, before retreating in March. The breakdown of fuel prices per litre for next month is as follows: Super 98: Dh2.57 per litre, down nearly 5.9 per cent from Dh2.73 in March Special 95: Dh2.46 per litre, 5.7 per cent lower than Dh2.61 in March Diesel: Dh2.63 per litre, a decrease of almost 5.1 per cent from Dh2.77 in March E-Plus 91: Dh2.38 per litre, down about 6 per cent from Dh2.54 in March The UAE deregulated fuel prices in 2015, aligning them with market fluctuations. Fuel prices in the UAE are closely tied to movements in the global oil market, which has experienced significant fluctuations since last year. Geopolitical uncertainties, shifting supply dynamics and concern about slowing economic growth have all contributed to the volatility in oil prices. Oil prices posted a third straight weekly gain last week as US tariffs on buyers of Venezuelan crude and restrictions on Iran's oil trade stoked supply concerns. Crude futures have been highly volatile this year, with US President Donald Trump's tariff policy raising concerns about an economic slowdown. Meanwhile, his administration has tightened sanctions on Iranian crude exports as part of its 'maximum pressure' campaign against Tehran. Oil prices have also been supported by new additional cuts announced by Opec+ members including Saudi Arabia, the UAE, Russia, Kazakhstan, Iraq, Oman and Kuwait to make up for producing more than agreed levels. The seven countries agreed to monthly cuts of between 189,000 barrels per day and 435,000 bpd lasting until June 2026, Opec said earlier this month. The alliance of producers said it would proceed with a 'gradual and flexible' unwinding of voluntary production cuts of 2.2 million bpd starting April 1, adding 138,000 bpd per month until September 2026.
Hi Dubai
27-02-2025
- Business
- Hi Dubai
UAE: Will Petrol Prices Drop in March 2025 Following Global Oil Price Decline?
Petrol prices in the UAE are expected to decrease in March 2025, following a decline in global oil prices observed in February. Brent crude, a major global benchmark, averaged $75 per barrel in February, down from $77.55 the previous month. This price drop is attributed to several factors, including a decision by the Organisation of the Petroleum Exporting Countries (Opec+) to gradually increase oil production starting April 1, 2025. In the UAE, fuel prices have already been set for March 2025, with Super 98 priced at Dh2.74 per litre, Special 95 at Dh2.63, and E-Plus at Dh2.55. The fluctuation of US crude oil inventories has added further pressure to the energy market, with increased reserves reinforcing concerns of a short-term oversupply. This development has prompted traders to scale back their positions in the futures market, contributing to a decline in West Texas Intermediate (WTI) crude prices. Market analysts suggest that the ongoing volatility is largely influenced by the strength of the US dollar, which makes oil more expensive for international buyers, thereby affecting demand. Additionally, macroeconomic factors such as US Federal Reserve policies and interest rate expectations are playing a role in the decline of oil prices. Antonio Di Giacomo, senior market analyst at noted that the drop in crude prices reflects investor uncertainty regarding Opec+'s planned increase in production. 'Although this decision was anticipated, its impact has been significant, exacerbated by a stronger dollar and rising US inventories,' Di Giacomo said. Vijay Valecha, chief investment officer at Century Financial, highlighted that hedge funds have become less optimistic about oil's prospects, trimming their bullish bets. Valecha also pointed to concerns over potential US tariffs and geopolitical tensions, particularly related to the war in Ukraine, which could further disrupt market dynamics. As the global energy market continues to adjust, investors and industry stakeholders will closely monitor Opec+'s actions and key economic indicators to gauge the future direction of crude oil prices. News Source: Khaleej Times
Khaleej Times
27-02-2025
- Business
- Khaleej Times
Petrol prices in UAE: Will fuel rates drop in March?
Petrol prices are expected to drop in March 2025 as global oil prices traded on the lower side in February. Global oil prices fell earlier this month after the oil-producing group Organisation of the Petroleum Exporting Countries and its allies (Opec+) confirmed their plan to gradually increase oil production starting April 1, 2025. Brent averaged around $75 a barrel in February compared to $77.55 in the previous month. In the UAE, Super 98 has been priced at Dh2.74 per litre, Special 95 at Dh2.63 and E-Plus at Dh2.55. Additionally, the energy market faces further pressure due to US crude oil inventories fluctuations. Recent data indicated increased reserves, reinforcing the perception of a potential short-term oversupply. This situation has led traders to reduce their long positions in the futures market, contributing to the acceleration of WTI's price decline. In this volatile environment, investors will remain attentive to Opec+'s upcoming moves and global economic indicators that may influence energy demand. The evolution of crude oil prices in the coming sessions will largely depend on the market's perception of the balance between supply and demand. Analysts also point out that macroeconomic factors, such as the US Federal Reserve's monetary policy and interest rate expectations, have influenced the decline in oil prices. A stronger dollar makes oil more expensive for international buyers, which tends to reduce demand and negatively affect prices. Antonio Di Giacomo, senior market analyst at said the crude price drop reflected investor uncertainty and concern over the imminent increase in Opec+ production. 'Although this decision had already been anticipated, its impact on the market has been significant, exacerbated by factors such as the dollar's strength and rising US inventories,' he said. Vijay Valecha, chief investment officer of Century Financial, said hedge funds are turning less optimistic on crude oil's prospects, trimming net-bullish bets in a further sign of market softening. 'Oil has sold off in recent weeks amid a host of drivers, with traders concerned that US tariffs and talks on the war in Ukraine could impact market dynamics. In addition, Iraqi exports from its semi-autonomous Kurdistan region may resume, although Opec+ may defer planned output hikes,' added Valecha.
Al Bawaba
31-01-2025
- Business
- Al Bawaba
UAE announces petrol prices for February 2025
Published January 31st, 2025 - 08:36 GMT ALBAWABA - UAE Fuel Price Committee announced petrol prices for February 2025. Prices are recording a slight increase compared to January 2025. The new prices will apply tomorrow, 1st of February 2025. Also Read UAE announces petrol prices for January 2025 Petrol Prices for February 2025 in UAE Super 98 petrol will cost Dh2.74 per liter, compared to Dh2.61 in January. While Special 95 Petrol will cost Dh2.63 per liter, compared to Dh2.50 last month. E-Plus 91 Petrol will be charged for Dh2.55, compared to Dh2.43 a liter in diesel will be charged for Dh2.82 compared to Dh2.68 in January. Petrol prices are constantly going through hikes and fluctuations due to the decisions of the Organization of Petroleum Exporting Countries (OPEC), global supply and demand, natural incidents, taxes, and interest rates. Super 98 petrol will cost Dh2.74 per liter, while Special 95 Petrol will cost Dh2.63 per liter. E-Plus 91 Petrol will be charged for Dh2.55. (Shutterstock) Notably, Brent crude oil price is approximately priced to $78.43 per barrel today, compared to $74.48 per barrel in January, down from $78.63 in August. This decline was recorded due to the increased supply and Saudi Arabia's plans to boost production. Prices for petrol and diesel prices are going through a slight boost this month in the UAE and the new prices will apply from tomorrow, the first of February 2025. Also Read Petrol prices decline in UAE while gold peaks Gold prices in the UAE Gold prices are experiencing an additional increase of gold recorded Dh10,113.56 today compared to Dh9,636.51 at the beginning of January, while 24 Carat is priced at Dh338.50 compared to Dh315.50 per gram last month.22 carat of gold is priced at Dh313.50 compared to Dh292.25 per gram in January, while 21 carat is priced at Dh303.50 per gram, while it was priced at Dh283.00 last month. Finally, 18 gold carat is priced at Dh260.00 per gram, compared to Dh242.50 per gram in January 2024. It is worth mentioning that there is a 5% value added tax (VAT) applied to gold in UAE. Gold prices constantly change based on the price of petrol and US dollar globally. © 2000 - 2025 Al Bawaba (
