UAE Fuel Prices For March 2022 Reached Above Dh3 Mark

The fuel price committee has increased the UAE fuel prices for March 2022 by up to 11 per cent per litre in comparison to what we were paying last month. The steep price rise is a global phenomenon owing to Ukraine-Russia military war.

Surprisingly, the fuel price has reached its highest ever level, hovering above Dh3 per litre for the first time since the UAE regularized the fuel prices in August 2015.

The value of Crude jumped above $105 per barrel last week as Russia attacked Ukraine. Later, the prices dropped to near $100 a barrel. On Monday, we witnessed Brent selling at $100.81 a barrel and WTI at $95.04 per barrel.

Starting with Super 98, its value has jumped up nearly 9.9 per cent to Dh3.23 per litre, Special 95 by 11 per cent to Dh3.12, and E-plus 91 to Dh3.05 per litre, upward almost 11 per cent.

The UAE government kept the same fuel prices for a long time during the Covid-19 pandemic in 2020. As the operations normalized, they updated values of fuel according to the worldwide oil prices in March 2021.

Vijay Valecha, chief investment officer, Century Financial, briefed the media on the current situation of oil futures. The week started with higher demand as the worldwide leaders began to put pressure on Russian President Vladimir Putin and his internal groups by stopping Russian financial institutions from operating the SWIFT international payment system.

Vijay witnesses WTI and Brent settling at $91 and $ 95 levels, individually. At the higher level, he sees resistance at $97 and $101 levels, separately.

Owing to the rising tension between Russia and Ukraine, the Opec+ committee will gather tomorrow.

“We expect the group to continue with its agreement to increase output for April by 400,000 barrels per day. We do not expect any change in its stance at this point, despite increasing supply-side uncertainty,” stated Monica Malik, chief economist at Abu Dhabi Commercial Bank.

How much the fuel will cost in March 2022?

According to the vehicle you own, topping up its fuel tank will cost anywhere between Dh160 and Dh240.

Here is a March-February comparison chart, created by KhaleejTimes, showing us the cost of a full tank for different cars.

Compact cars

Average fuel tank capacity: 51 litres

Sedan

Average fuel tank capacity: 62 litres

SUV

Average fuel tank capacity: 74

Source and Images: KhaleejTimes