Gasoline and diesel prices in the United Arab Emirates (UAE) are set to increase again in March, Gulf Business reported based on the new rates revealed by the Energy Ministry.
The increases, though small, mean that Super 98 now cost more than $0,55 a liter, up 1.5% from February, UAE’s The National informed. Special 95 will cost $0,52, up 1.5%; E Plus will cost $0,50, up 1.6%; and diesel will cost $0,55, up 1%.
The UAE has seen hikes in gasoline and diesel prices since the start of 2017, for three consecutive months now. Fuel prices in the country are linked to international oil prices, which have risen in 2017 following the implementation of the output cuts by OPEC and non-OPEC producers from January.
Fuel prices are set by a Ministry of Energy-led committee using “benchmark prices” that have not been publicly specified.
In a recent report, Bank of America Merrill Lynch (BoFA) forecast that Brent crude oil prices are expected to average $50 to $70 per barrel through 2022.