The Fuel Prices Monitoring Committee has given the green light for an increase in gasoline and diesel prices for March 2024. The approved hike ranges between 15 and 16 fils per liter for gasoline and 17 fils for diesel, compared to February 2024 prices.

Fuel distribution companies have promptly announced the new prices, effective from Friday, March 1, 2024. The updated pricing includes a 5% value-added tax.

Specifically, the price per liter of super gasoline “98” is set to rise by 15 fils, reaching 3.03 dirhams in March, up from 2.88 dirhams in February. Special gasoline “95” will see an increase of 16 fils, from 2.76 dirhams to 2.92 dirhams, while E-Plus 91 gasoline will climb by 16 fils, reaching 2.85 dirhams from 2.69 dirhams. Additionally, the price of diesel will experience a 17 fils per liter hike, escalating from 2.99 dirhams in February to 3.16 dirhams in March.

This decision follows three consecutive monthly reductions in gasoline and diesel prices approved by the committee for January 2024. The reduction ranged between 13 and 14 fils for gasoline and 19 fils for diesel per liter compared to December 2023 prices.

Notably, the Ministry of Energy’s approved fuel price standards are subject to monthly adjustments based on the global average oil price, incorporating distribution companies’ operating costs.

New fuel prices are:

-Super 98 petrol will cost Dh3.03 a litre, compared to Dh2.88 in February.

-Special 95 petrol will cost Dh2.92 per litre, compared to Dh2.76 last month.

-E-Plus 91 petrol will cost Dh2.85 a litre, compared to Dh2.69 a litre in February.

-Diesel will be charged at Dh3.16 a litre compared to Dh2.99 last month.