UAE: Gas prices hit record highs in Europe in the wake of the Ukraine invasion. The attack on Ukraine has caused oil prices to soar. Russia is one of the world's largest crude producers.
The UAE has raised fuel prices for March 2022.OPEC and other major producers, including Russia, are watching to see if they can increase production to reduce inflation. The Ukraine attack has also shaken global stock markets over the past week.
The price of Super 98 is set to rise 9.8 per cent to Dhs3.23 per litre, from Dhs2.94 in February. Additionally, the price for Special 95 will increase to Dhs3.12 per litre, surging 10.6 per cent from Dhs2.82 this month.
The UAE fuel committee also raised the price for diesel to Dhs3,19 per litre from Dhs2.88 in February.Meanwhile, 91 E-plus will cost Dhs3.05 next month, up from Dhs2.75 this month.
In EUROZONE Petrol prices have risen above $ 110 a barrel, pushing up petrol prices. If it rises to $ 120 a barrel, petrol will cost more than 2 euros a liter. It is estimated that the increase in fuel prices will adversely affect the lives of the people. As people use cars more, the price hike will affect the rural population more than the urban areas.
Brent crude spiked to more than $105 a barrel on Thursday after Russia begun its attack on Ukraine. It later pared most of its gains after President Joe Biden said the US was working with major consuming nations to coordinate a release of strategic petroleum reserves, while continuing to spare Russian energy supplies from sanctions.
The Organization of Petroleum Exporting Countries and its partners meet on Wednesday to decide production targets for April.
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