By Ramy Sameeh
Abu Dhabi-Mubasher: The UAE raised diesel prices for March but lowered petrol prices due to three main reasons; a remarkable increase in global demand for diesel, the severe cold weather and growth in land transport in Europe and US, said Matar Al-Neyadi, undersecretary of the UAE’s energy ministry.
March prices of diesel will stand at AED 1.4 per litre, an increase of 2.2% compared with AED 1.37 in February, according to the fuel price committee at the energy ministry.
Al-Neyadi told Mubasher that the decline in petrol prices was due to the continued fall in oil prices on global oversupply compared to weak demand.
Gasoline (91 octane) will reach AED 1.29 per litre, falling 7.9% compared to AED 1.4 this month. Gasoline (95 octane and 98) will decline 7.5% and 7% to AED 1.36 and AED 1.47, respectively.
When asked about his forecasts for fuel prices in the next period, the undersecretary said, “We in the UAE set prices on a monthly basis, based on the average prices of gasoline and petrol.”
Oil prices plunged more than 70% to $30 a barrel in one and a half years on output increase.
Translated by Abdul Maguid Aboshahla
