Remember, VAT is now included, too…

The UAE’s Ministry of Energy has announced that petrol prices will increase in February, due to rising oil prices.

Vehicle owners will now pay Dhs2.36 a litre for Super 98, up from Dhs2.24 in January. Super 95 will now cost Dhs2.25 a litre, up from Dhs2.12, while E Plus will cost Dhs2.17, up from Dhs2.05.

Diesel prices will rise a significant 7 per cent to Dhs2.49 a litre.

The VAT rate of five per cent for petrol, which was introduced in January, is included in the above prices.

What’s behind the price hikes? Well, Oil prices hit $70 a barrel last week, for the first time since December 2014.

The UAE’s Ministry of Energy first began setting fuel prices based on average global prices in August 2015. Before that, the price of petrol in the UAE was subsidised by the government, which shielded consumers from global fluctuations in the cost of petrol.


January: Dhs2.24

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