Another minor respite for gasoline users in the Emirates, as the UAE Fuel Price Committee, reduced prices for the fourth month in a row (calculate your fuel expenses here). The UAE fuel prices for February 2019 start at Dh1.95 per liter and Dh1.84 per liter for Super 98 and Super 95 respectively.
The consumers are relieved by just five fils per liter for Super while the diesel is dropped by just 2 fils. The new price for Diesel stands at Dh2.28.
The prices are declining in the world due to a slower global economy. The Brent has plunged 27.6% since October 2018; however, it is rising gradually since December 2018. Opec has plans to cut production this year, so expect prices to increase this year.
Edward Bell, commodity analyst at Emirates NBD said, “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. Opec producers are meant to cut a total of 812,000 barrels a day, the bulk of which will be accounted for by Saudi Arabia.”