Dubai: With the UAE set to announce petrol and diesal prices for March 2025 in the coming days, residents who are routinely keeping an eye out for updates will track any hikes or dips in retail costs in order to determine how to budget for them.
In February, Super 98 petrol cost Dh2.74 a litre, compared to Dh2.61 in January, while the cost of a litre of Special 95 petrol was hiked to Dh2.63 per litre, from the rate of Dh2.50 last month.
With regard to E-Plus 91 petrol, the cost was determined to be Dh2.55 a litre, a tad higher from Dh2.43 a litre in January. Diesel was charged at Dh2.82 a litre this month, compared to last month’s rate of Dh2.68.
Since the UAE deregulated fuel prices in 2015, monthly price adjustments have aligned with global oil trends. The latest revisions are expected soon.
‘Trump effect’ to make fuel cheaper?
Global oil prices have been dropping of late, reflecting wider economic uncertainty seen globally. West Texas Intermediate (WTI) crude fell 2.5%, closing below $69 per barrel – its lowest level this year. This drop coincided with a sharp decline in US consumer confidence, which fell more than analysts anticipated, prompting investors to pull back from riskier assets.
Market volatility has been fueled by ongoing trade tensions, particularly US policies aimed at reducing economic ties with China. These measures have further dampened the outlook for energy demand in the world’s largest oil consumer.
“Oil markets are under renewed pressure due to a series of weak economic indicators,” said Frank Monkam, head of macro trading at Buffalo Bayou Commodities. “Slowing economic data signals weaker demand for crude.”
After fluctuating within a $5 range in February, oil prices have now dipped below that threshold. Earlier this year, crude had briefly surged past $80 per barrel, but concerns over sluggish Chinese demand, potential supply increases, and trade-related slowdowns have weighed on the market.
