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Fuel prices drop in UAE for March 2018

The Ministry of Energy and Industry announces fuel prices for March and the price announced includes VAT

An Adnoc petrol station in Sharjah
Image Credit: Ahmed Ramzan/Gulf News
An Adnoc petrol station in Sharjah.

The Ministry of Energy and Industry has announced new petrol prices for the month of March in the UAE.

The prices announced on Wednesday include VAT (5 per cent).

The per-litre fuel prices for March are as follows: Super 98 — Dh2.33 (from Dh2.36 in February), Special 95 — Dh2.22 (from Dh2.25), and diesel — Dh2.43 (from Dh2.49). E-Plus 91 will be at Dh2.14 (down from Dh2.17 in February).

Use our interactive graph to track fuel price change over one year.

International prices

UAE fuel prices are linked to international crude oil prices; crude oil brent touched $66.52 a barrel at the end of February.

Oil hit $71 a barrel on January 25 for the first time since 2014, supported by Opec-led supply curbs, a record-breaking run of declines in US crude inventories and a weaker US dollar.

The predicted average for the year is $60 per barrel with a downward trend expected towards the end of 2018. 

Opec deal

The Organisation of the Petroleum Exporting Countries (Opec) and allies including Russia began to curb supplies in 2017. In December 2016, the Organisation of the Petroleum Exporting Countries (Opec) struck a deal to reduce output by about 1.8 million barrels a day. This was extended for another nine months in May, 2017 to go on till March. 

March being the last month of the deal, Saudi Arabia's oil minister expects that Opec allies including Russia will be able to ease out of the curbs by 2019 without affecting the market in a drastic way.