On Tuesday, the UAE marginally increased retail gasoline prices by over 1.3% per liter for the month of March 2023.

The Fuel Price Committee increased the prices of all three variants, Super 98, Special 95, and E-Plus, by four fils.

The prices, which have been increased for the second month on the trot, are at the highest level in three months this year.

However, diesel prices for March were reduced by 24 fils to Dh3.14 a litre on Tuesday.

The increase in petrol prices is much smaller as compared to February when prices were hiked by more than 10 per cent to bring them on par with the international rates.

Oil prices peaked in July last year when all three variants' prices crossed Dh4 per litre for the first time ever in UAE due to the Russia-Ukraine military conflict. Prices dropped faster in the fourth quarter of last year after the world economy feared to be slipping into recession.

In the afternoon on Tuesday, Brent crude futures were trading at $83.07 per barrel while US West Texas Intermediate (WTI) crude futures were trading at $76.34 a barrel.