With the Eid Al Fitr long weekend coming in soon, the UAE is set to announce petrol and diesel prices for April 2025. Residents are eager to see if there will be any significant changes, considering factors like the festive season, increased tourism, and market fluctuations, all of which impact budgeting decisions.
UAE petrol prices in March
In March, the price of Super 98 petrol was set at AED2.73 per litre, slightly lower than AED2.74 in February but higher than AED2.61 in January. Meanwhile, Special 95 petrol was priced at AED2.61 per litre in March, down from AED2.63 in February, yet still above AED2.50 in January.
The cost of E-Plus 91 petrol stood at AED2.54 per litre last month, showing a marginal drop from AED2.55 in February, though an increase from AED2.43 in January. Diesel, on the other hand, was priced at Dh2.77 per litre in March, a decrease from AED2.82 in February but higher than AED2.68 recorded in January.
Are oil prices falling?
This week, oil prices fell for a third session on Wednesday as plans by major producers to raise output in April combined with concerns that U.S tariffs on Canada, Mexico and China will slow economic growth and hit fuel demand.
“The Organization of the Petroleum Exporting Countries and its allies, including Russia, a group known as OPEC+, decided on Monday to increase output for the first time since 2022. The group will make a small increase of 138,000 barrels per day from April, the first step in planned monthly increases to unwind its nearly 6 million bpd of cuts, equal to nearly 6 per cent of global demand,” shared Vijay Valecha, Chief Investment Officer, Century Financial.
U.S. President Donald Trump’s self-declared trade war is seen by economists as a recipe for fewer jobs, slower growth, and higher prices, which could kill demand. The lower economic growth will likely impact fuel consumption in the world’s biggest oil consumer.
The Trump administration also said on Tuesday it was ending a license that the U.S. has granted to U.S. oil producer Chevron since 2022 to operate in Venezuela and export its oil. Meanwhile, U.S. crude stocks fell by 1.46 million barrels in the week ended February 28, market sources said, citing American Petroleum Institute figures on Tuesday. Investors now await government data on U.S. stockpiles, due on Wednesday.
