Latest news with #Dh2.73
Gulf News
29-04-2025
- Business
- Gulf News
UAE petrol price prediction: Will costs fall in May?
Dubai: With the UAE set to announce petrol and diesel prices for May 2025 in the coming days, residents who are routinely keeping an eye out for updates will track any hikes or dips in retail costs in order to determine how to budget for them. In April, Super 98 petrol costs Dh2.57 a litre, compared to Dh2.73 a litre last month, while Special 95 costs Dh2.46 a litre, compared to Dh2.61 a litre in March. With regard to E-Plus 91 petrol, the cost was determined to Dh2.38 a litre, compared to Dh2.54 a litre in March, while diesel costs Dh2.63 a litre, compared to Dh2.77 a litre last month. But how are prices expected to fare next month? UAE petrol, diesel prices Since the UAE deregulated fuel prices in 2015, monthly price adjustments have aligned with global oil trends. The latest revisions are expected soon. What is seen driving May fuel prices? Oil prices are last seen extending declines as the global trade war hurt the outlook for demand, with economic data pointing to signs of strain and China stepping up its pushback against the Trump administration's tariffs. Brent fell toward $65 a barrel, down for a second day, with West Texas Intermediate below $62. A widely-referenced gauge of US manufacturing weakened significantly, adding to signs of the drag from President Donald Trump's levies. Even though oil prices went down in April, signs show the market is still tight and could stay that way for now. One key sign is that the current oil contract (for June) is more expensive than the next one (for July), which usually means demand is strong right now. This pricing gap is the biggest it's been in almost three months. Will prices drop further next month? With the UAE set to announce its retail fuel prices on the last day of April, all eyes are on how global oil markets have performed in recent weeks. While April saw a drop in international oil prices, underlying indicators suggest the market is still tight, with strong near-term demand. One key signal is that the price for oil to be delivered in June is higher than for July — a pattern known as backwardation — which often points to current supply concerns. That pricing gap is now at its widest in nearly three months, hinting that the recent dip in prices may not last long. Given this backdrop, and the UAE's practice of aligning monthly fuel prices with average global trends, May's rates are likely to reflect both the recent softening and the signs of market strength ahead. This could mean a smaller cut compared to April — or possibly stable prices — depending on how oil fares in the final trading days of the month.
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
28-03-2025
- Business
- Hi Dubai
UAE: Will Petrol Prices Drop in April as Global Oil Markets Shift?
Petrol prices in the UAE are expected to decline in April as global crude prices remained subdued in March. Brent crude averaged $70.93 per barrel in March, down from $75 in February, influencing domestic fuel price adjustments. The UAE government, which announces revised fuel prices at the end of each month, is anticipated to reduce rates accordingly. In March, petrol prices stood at Dh2.73 per litre for Super 98, Dh2.61 for Special 95, and Dh2.54 for E-Plus 91. With oil prices stabilizing at lower levels, consumers may see relief at the pump in the coming month. Global Factors Influencing Prices Oil markets have been navigating volatility driven by geopolitical developments and economic uncertainty. Joseph Dahrieh, managing principal at Tickmill, highlighted the impact of recent US tariffs on Venezuelan oil buyers and ongoing trade tensions, which have clouded demand outlooks. Meanwhile, OPEC+ is expected to increase crude production, which could further weigh on prices. However, the group's efforts to manage overproduction may prevent a steep decline. Geopolitical Uncertainty Adds to Market Volatility Escalating tensions in the Middle East have provided temporary support for oil prices. US military strikes against Houthi rebels in the Red Sea, Israeli operations in Gaza, and the ongoing Russia-Ukraine conflict have heightened market concerns. According to George Pavel, general manager at Middle East, potential peace talks in Ukraine could offset some of these risks. Despite recent rebounds, the market remains unpredictable. With new US tariffs on Venezuelan oil set to take effect on April 2, global crude prices could see further fluctuations. 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 News Source: Khaleej Times
The National
28-02-2025
- Automotive
- The National
UAE fuel prices to dip in March
Petrol and diesel prices in the Emirates will decrease in March, reflecting trends in the global oil market, state news agency Wam reported on Friday, quoting the UAE fuel price committee. How much will fuel cost in March 2025? The breakdown of fuel prices per litre for next month is as follows: Super 98: Dh2.73 per litre, down nearly 0.4 per cent from Dh2.74 in February Special 95: Dh2.61 per litre, 0.8 per cent lower than Dh2.63 in February Diesel: Dh2.77 per litre, a decrease of about 1.8 per cent from Dh2.82 in February E-Plus 91: Dh2.54 per litre, down nearly 0.4 per cent from Dh2.55 in February
