Abu Dhabi: Fuel prices dropped further for the month of February, the Ministry of Energy announced on Thursday.
The new per litre prices are Super 98-Dh1.58; Special 95-Dh1.47; E Plus-91-Dh1.40. And diesel price has been fixed at Dh1.37 per litre.
Fuel prices dropped as global oil prices plunge due to oversupply and weak demand. From $115 per barrel in June 2014, oil prices dropped to less than $30 per barrel in recent times.
In July, the Ministry of Energy deregulated fuel prices and new pricing policy linked to global prices adopted. Following the decision, diesel prices reduced by 24 per cent and petrol price has increased by 29 per cent. However, the trend did not continue and fuel prices fell in the subsequent months as global oil prices decreased.
Oil prices expected to remain weak for many months with the Organisation of Petroleum Exporting Countries (Opec) predicting a price of $70 per barrel for its basket of crude in 2020.
