The UAE fuel price committee announced on January 30 reduced fuel retail prices in February 2019, which is the forth consecutive decline, Khaleej Times reported.
The Ministry of Energy in UAE removed fuel subsidies which made the prices aligned with international crude prices.
“The cuts took effect at the start of January but market estimates on how much producers have actually cut won’t be available until the end of the month,” Edward Bell, commodity analyst at Emirates NBD, said.
OPEC’s production cuts are the primary factor that will contribute to tighter crude markets this year, according to Bell.
The fuel price reduction of February 2019 comes in line with the global decline in oil prices.