The Ministry of Energy and Industry of UAE has declared new rates for petrol in March 2018. The prices announced by the Ministry also include the VAT which is 5%.
The prices announced for March 2018 on various products are as Special 95 — Dh2.22 (from Dh2.25), Super 98 — Dh2.33(from Dh2.36 in February), E-Plus 91 — Dh2.14 (from Dh2.17 in February).
Fuel (Diesel, Petrol) price in UAE today-
Fuel Prices in UAE 2018
UAE fuel prices have a direct relation with international crude oil prices and crude oil brent reached $66.52 a barrel in February month.
Oil price touches $71 a barrel on January 25 and it is just after four years since 2014, assisted by Opec-led supply curbs, it has created a record-breaking slowdown in the US crude inventories which has made the US dollar weak.
The forecast calculates the average price per barrel at $60 this year along with continuous slowdown trend moving in the direction on 2018 end.
Take a Look at The Biggest Impact on Fuel (Diese, Petrol) After VAT in UAE
The Organisation of the Petroleum Exporting Countries (Opec) and other allies comprising Russia realized a slow down in the year 2017. Starting from December 2016, the Organisation of the Petroleum Exporting Countries (Opec) hit a deal in which they have to slow down the output by about 1.8 million barrels a day. This deal was further extended after the completion of the previous deal to nine months from May 2017 to March 2018.
So according to the deal, March was the last month, now Saudi Arabia’s oil minister thinks that Opec allies comprising Russia will possibly simplify the curbs by 2019 without making many effects in the market drastically.