UAE fuel prices drop for April
Motorists across the UAE will continue to enjoy low fuel prices, with the UAE Fuel Committee announcing a further reduction in prices for the month of April.
UAE fuel prices dropped on Monday, with Super 98 petrol now priced at Dh1.91 per litre, while Special 95 will cost Dh1.80 per litre, and diesel will cost Dh2.06 per litre. Fuel prices for 2020 have been on the lower end this quarter - Super 98 petrol was Dh2.24 per litre in February 2020, and dropped to Dh2.16 per litre in March 2020. Similarly, Special 95 was down from Dh2.12 in from February 2020 to Dh2.04 per litre in March 2020. The cost of diesel also dropped from Dh2.40 per litre in February 2020 to Dh2.25 per litre in March.
Crude oil benchmarks fell sharply on Monday, with Brent hitting its lowest since November 2002, as the Covid-19 pandemic lockdowns cascaded through global economies amid an escalating price war and a ballooning surplus inventory. Brent futures were down 6.7 per cent, or $1.68, to $23.25 a barrel as of 0249 GMT, after earlier dropping to $23.03, the lowest since November 2002.
Oil markets have been slammed by a demand destruction caused by the coronavirus pandemic and the Saudi Arabia-Russia price war that is flooding markets with extra supply. Demand for oil is expected to shrink 15 million to 20 million barrels per day as more countries impose and extend lockdowns to curb the spread of the pandemic.