According to the United Arab Emirates (UAE) Ministry of Energy, fuel prices for next month have been reduced, marking the first oil price drop for the country this year.
In particular, there is a 3.9% price reduction for the Unleaded Gasoline 98 to $0.53 per liter; 4.2% for the Unleaded Gasoline 95 to $0.50 per liter; 4.3% for the Unleaded Gasoline 91 to $0.53 per liter; and 3.4% for diesel to also $0.53 per liter.
In February, consumers paid $0.54 for Super 98, $0.51 for Special 95, $0.50 for E Plus, and $0.54 for diesel, and there was just a little difference of the prices when compared to those in January. According to economists, the increases in fuel prices experienced during the first part of this year contributed to the consumer price inflation and were largely driven by surges in crude oil prices.
Currently, Brent Crude is trading at $50.91 from $56.82 during the start of the year. However, it had been down at $46.38 before OPEC’s multilateral deal to cut oil output in 2016.