Petroleum Prices in UAE is Set to Rise in February

Via GulfNews

In line with International rates, fuel prices in the UAE is set to rise in February 2018, an increase for the third consecutive month since December. The UAE announced new petroleum prices on Sunday including the VAT (5 percent).

The new prices per liter for February are: Super 98 at Dh2.36 ; Special 95 at Dh2.25; E Plus-91 at Dh2.17 . And diesel price has been fixed at Dh2.49 per liter.

Old prices: The prices per liter for January were Super 98 at Dh2.24; Special 95 at Dh2.12; E Plus-91 at Dh2.05 . And diesel price was Dh2.33 per liter.

Oil prices hit $71 on December 25th for the first time since 2014. The UAE’s Ministry of Energy first began setting fuel prices based on average global prices in August 2015. Before that, the price of petrol in the UAE was subsidized by the government, which shielded consumers from global fluctuations in the cost of petrol.

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.

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