The Ministry of Energy and Industry has announced new petrol prices for the month of April in the UAE.
The prices announced on Wednesday include VAT (5 per cent).
The per-litre fuel prices for April are as follows: Super 98 — Dh2.33 (Dh2.33 in March), Special 95 — Dh2.22 (Dh2.22 in March), E-Plus 91 — Dh2.14 (Dh2.14 in March), and diesel — Dh2.40 (from Dh2.43 in March).
April fuel prices have been announced according to the UAE Fuel Price Committee – visit our app and be the first to know any pricing updates. https://t.co/UPuW8Acc4W pic.twitter.com/QckW6JGET9— ADNOC Distribution (@ADNOCdist) March 28, 2018
UAE fuel prices are linked to international crude oil prices; crude oil brent touched $66.52 a barrel at the end of February and $69.54 at the end of March (as per Nasdaq).
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.
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.