Petrol and diesel prices in the Emirates will increase in February, reflecting trends in the global oil market, state news agency Wam reported on Friday, quoting the UAE fuel price committee.
This is the first increase in fuel prices this year after January prices remained unchanged.
How much will fuel cost in February 2025?
The breakdown of fuel prices per litre for February is as follows:
- Super 98: Dh2.74 per litre, up nearly 5 per cent from Dh2.61 in January
- Special 95: Dh2.63 per litre, up 5.2 per cent from Dh2.50 in January
- Diesel: Dh2.82 per litre, a 5.2 per cent from Dh2.68 in January
- E-Plus 91: Dh2.55 per litre, an increase of nearly 5 per cent from Dh2.43 in January
The UAE deregulated fuel prices in 2015, aligning them with market fluctuations.
Fuel prices in the UAE are closely tied to movements in the global oil market, which has experienced significant fluctuations since last year. Geopolitical uncertainties, shifting supply dynamics and concern about slowing economic growth have all contributed to the volatility in oil prices.
Brent, the benchmark for two thirds of the world’s oil, was trading 0.49 per cent higher at $77.25 a barrel at 11.08am UAE time. West Texas Intermediate, the gauge that tracks US crude, was up 0.77 per cent at $73.29.
Both the benchmarks are set for a weekly loss as traders assessed the potential effect of US tariffs on imports from Canada and Mexico, two of its largest crude suppliers.
US President Donald Trump has warned that a 25 per cent tariff could take effect as soon as Saturday on exports from Canada and Mexico, unless the countries curb the trafficking of fentanyl into the US.
“The inclusion of Canada oil in a 25 per cent tariff on Canada and Mexico would likely initially raise gasoline prices in the US Midwest, and eventually weigh on crude prices globally (via weaker demand) and especially in Canada where producers have limited export options,” Goldman Sachs said in a report on Thursday.
It raised its Brent oil price forecast for this year and 2026 on lower commercial inventories in the Organisation for Economic Co-operation and Development (OECD) because of smaller than expected oil supplies from non-Opec countries, excluding the US.
“We have nudged up our 2025 and 2026 average Brent forecasts to $78 (vs $76 prior) and $73 (vs $71), respectively, and now look for an $80 peak in April-May 2025,” Goldman Sachs said.
Earlier this month, the US and UK toughened sanctions on Russia's energy industry, intensifying pressure on Moscow as the war in Ukraine nears its fourth year.
“Brent could temporarily rise to $93 per barrel in a scenario where sanctioned supply falls by 1 million bpd persistently for Iran and temporarily for Russia, but decline to the low $60s in 2026 in a 10 per cent universal tariff scenario,” the report added.