On Thursday, February 29, the UAE’s Fuel Price Committee is anticipated to release the gasoline and diesel rates for March, bringing them into line with global rates.
In February 2024, the price of oil increased by 3.34 percent globally, or $2.6 per barrel, over the previous month. This increase was attributed to supply constraints and reports that the oil-producing group Opec+ may consider prolonging output cuts.
For the majority of February, the price of Brent crude hovered around $80 per barrel, a little higher than it did in January. The local revision of rates for March on Thursday may reflect this minor increase in the worldwide rates. At midday UAE time on Wednesday, WTI crude was down 0.48 percent at $78.49 per barrel, and Brent was down 0.43 percent at $83.29 per barrel.
Announcements regarding gas prices are anticipated by drivers, particularly those who frequently travel great distances, and they modify their monthly budgets appropriately.
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