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Motorists in the UAE will be closely watching whether fuel prices in the UAE rise or fall in the next day or two.
The UAE Fuel Price Committee reveals the latest pricing data on the last day of every month, meaning that citizens and residents will know more on March 31.
Read-UAE announces fuel prices for March 2025
Fuel prices in the UAE decreased in March, offering some relief to drivers after an uptick in February.
This drop followed a two-month price freeze in December and January.
Effective March 1, the per-litre rates for petrol and diesel were Dhs2.73, down from Dhs2.74 for Super 98 in February; Dhs2.61, down from Dhs2.63 for Special 95; Dhs2.54, down from Dhs2.55 for E-Plus 91; and Dhs2.77, down from Dhs2.82 for Diesel.
Oil slips on recession fears but posts 3rd weekly gain
Oil prices fell on March 28, due to concerns that US tariff wars could spark a global recession, but gained for a third consecutive week after Washington ramped up pressure on OPEC members Venezuela and Iran.
Brent crude futures fell 40 cents, or 0.5 per cent, to settle at $73.63 a barrel. US West Texas Intermediate crude futures (WTI) fell 56 cents, or 0.8 per cent, to close at $69.36 a barrel.
US President Donald Trump plans to announce reciprocal tariffs targeting a wide range of imports, effective on April 2.
The trade war has investors worried about a potential recession, according to JPMorgan analysts.
“Concerns about a trade war, coupled with elevated US policy uncertainty, are weighing heavily on sentiment,” they said.
Although recession risks are high, high-frequency oil demand indicators have held up relatively well, JPMorgan noted.
Mid-week data from the Energy Information Administration showed US crude inventories fell by 3.3 million barrels to 433.6 million barrels last week, compared with analysts’ expectations in a Reuters poll for a 956,000-barrel draw.
On a weekly basis, Brent futures gained 1.9 per cent, while WTI rose 1.6 per cent. Since hitting multi-month lows in early March, Brent is up more than 7 per cent, and WTI has rebounded over 6 per cent.
“The key theme this week was the Trump administration ratcheting up the pressure on the Maduro regime in Venezuela,” said Barclays analyst Amarpreet Singh.
Trump on Monday announced new 25 per cent tariffs on potential buyers of Venezuelan crude.
These measures could worsen the anticipated 200,000 barrel-per-day decline in Venezuelan crude oil output this year, Singh added.
This has compounded uncertainty for buyers and halted Venezuelan oil trade to top buyer China. Elsewhere, sources said India’s Reliance Industries, operator of the world’s biggest refining complex, will halt Venezuelan oil imports.
The OPEC+ group is set to begin its program of monthly increases to oil production in April. The group, which comprises OPEC and allies led by Russia, is likely to continue raising oil output in May.
(With inputs from Reuters)
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