The UAE’s Fuel Price Committee is expected to announce petrol and diesel rates for March on Thursday, February 29, to align them with international prices.

Globally, oil prices, on average, rose by 3.34 per cent or $2.6 a barrel in February 2024 as compared to the previous month due to the tightening of supply and news about oil-producing group Opec+ mulling extending output cuts.

Brent crude prices traded just above $80 a barrel for most days in February, slightly higher than the previous month. This slight uptick in global rates could be reflected locally when rates are revised for March on Thursday.

On Wednesday, WTI crude was trading at $78.49 a barrel, down 0.48 per cent, while Brent slipped 0.43 per cent to $83.29 a barrel around mid-day UAE time.

In the UAE, retail petrol prices were increased slightly for February, pricing Super 98, Special 95 and E-Plus 91 at Dh2.88, Dh2.76 and Dh2.69 a litre, respectively.

Motorists, especially those who often travel long distances, look forward to petrol price announcements and adjust their monthly budgets accordingly.

Similarly, local taxi operators have revised their fares accordingly after the announcement of petrol prices.