Abu Dhabi: The Ministry of Energy on Sunday announced fuel prices for the month of March. Diesel prices went up by 2 per cent to Dh1.40 per liter from the February price of Dh 1.37.
Petrol prices dropped, with Special 95 priced at Dh1.36 per liter, down from Dh1.47 per liter in February. Super 98 will be sold at Dh1.47 per liter, down from Dh1.58 and E plus 91 at Dh1.29, reduced from Dh1.40 per liter.
The new fuel prices were announced on Sunday as global glut persists in the market.
In a tweet, Dr Matar Al Neyadi, Under Secretary of Ministry of Energy and Head of Fuel Price Committee, attributed the drop in petrol prices to lack of demand and oversupply in the global markets. He did not elaborate further.
Oil prices plunged by more than 70 per cent since June 2014. Brent, the global benchmark was trading at $35.10 and West Texas Intermediate at $32.78 a barrel.
Earlier this month, oil producers like Russia and Saudi Arabia decided to freeze oil production at January levels that led to slight recovery of oil prices but there was no commitment on production cuts. They are expected to hold another meeting in March.
