The UAE on Friday kept petrol prices unchanged for February but announced a decrease in diesel rates.

This is the 11th consecutive month that petrol prices have stayed unchanged despite an increase in oil prices, which traded above $50 a barrel due to increase in economic activity in the world's largest economy United States and some parts of the Europe.

According to an announcement by the UAE Fuel Price Follow-up Committee on Friday, Super 98 petrol will cost 1.91 per litre; Special 95 petrol, 1.80 per litre; and E-Plus, 1.72 a litre.

However, diesel will cost 2.01 a litre compared to Dh2.06 in January, reflecting a decrease of five fils per litre.

International oil prices also remained steady as robust economic data from Europe revived hopes to resume economic activity soon, while the spread of a new Covid-19 variant and lockdowns raised concerns about the near-term recovery in fuel demand.

West Texas Intermediate futures traded above $52 a barrel while Brent for March settlement, which expires on Friday, rose 19 cents to $55.72 on the ICE Futures Europe exchange after closing down 0.5 per cent in the previous session.

 

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