UAE: Announcing an increase in gasoline and diesel prices starting in March

Abdallah Shahin - | Business

The Fuel Prices Monitoring Committee has authorized a rise in gasoline and diesel prices for March 2024, with an increase ranging from 15 to 16 fils per liter for gasoline and 17 fils per liter for diesel compared to February 2024 pricing.

Fuel distribution firms have revealed new prices that will take effect on Friday, March 1, 2024, which will include a 5% value-added tax.

In February 2024, the price of a liter of super gasoline "98" rose by 15 fils from 2.88 dirhams to 3.03 dirhams in March 2024.

In March, the price of a liter of private gasoline "95" increased by 16 fils from 2.76 dirhams in February to 2.92 dirhams.

In March, the price of a liter of E-Plus 91 gasoline increased by 16 fils from 2.69 dirhams in February to 2.85 dirhams.

In March, the price of a liter of diesel rose by 17 fils to 3.16 dirhams from 2.99 dirhams in February.

The Ministry of Energy sets monthly gasoline price regulations based on the global oil price average, adjusted for distribution companies' operating costs, regardless of fluctuations.

Gold futures prices decreased as the dollar strengthened, while investors anticipated the release of important statistics, such as the report on personal income and spending in the United States.

The dollar value index increased to 104.24 points in European trading yesterday but later decreased to 103.96 points, marking a 13% rise from the day before.

Gold's price decreased by $1.40 to $2,042.70 per ounce for delivery in April. Silver's price decreased by $0.121 to $22.636 per ounce for delivery in May, while copper's price dropped by $0.0100 to $3.8405 per pound for delivery in May.

Analysts anticipate a decrease in the consumer price inflation rate in the United States to 2.4% last month, down from 2.6% the previous month.

The core inflation rate, excluding volatile commodities like food and energy, is projected to decrease to 2.8% from 2.9% for the same period.

The US Department of Commerce reported that the US economy expanded by 3.2% in the final quarter of last year, slightly below the initial estimate of 3.3%. Analysts anticipated that the final growth rate would remain unchanged from the earlier preliminary reading.

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Abdallah Shahin
Abdallah Shahin
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