Fuel prices in the UAE will increase by more than 10 per cent in February.
The rise comes after two months of falls and against a backdrop of surging global oil prices. Brent crude reached seven-year highs in January as demand for oil rose while supply remained tight.
The breakdown per litre is as follows:
• Super 98: Dh2.94 – up 10.94% from Dh2.65 in January
• Special 95: Dh2.82 – up 11.46% from Dh2.53 in January
• Diesel: Dh2.88 – up 12.50% from Dh2.56 in January
Fuel prices in the UAE were liberalised in August 2015 to allow them to move in line with the market. The prices for February are the highest since they were liberalised.
They were frozen by the Fuel Price Committee in 2020 after the onset of the coronavirus pandemic. They then started to adjust again in March 2021 to reflect the market movement.
Brent, the benchmark for two thirds of the world's oil, rose to $91.24 a barrel on Monday morning, while West Texas Intermediate, the gauge that tracks US crude, climbed to trade at $88.01 a barrel at 8.24am UAE time.
The positive market momentum comes amid signs of sustained global demand while supply remains tight, as well as intensifying geopolitical risks, particularly in Ukraine, that threaten to disrupt energy supplies.
“Underlying anxiety about global supply shortages, coupled with ongoing geopolitical risks, have caused the market to start the week on a strong note,” Toshitaka Tazawa, an analyst at Fujitomi Securities, told Reuters.
“With an expectation that Opec+ will keep the existing policy of gradual increase of production, oil prices will likely stay on a bullish sentiment this week,” he said, before issuing a prediction that Brent will remain above $90 a barrel while WTI heads towards $90.
Crude prices have already climbed more than 10 per cent this year as global economies continue to recover from the coronavirus pandemic, pushing demand higher.
Brent is set for its best January performance in three decades, with analysts expecting it to “overshoot” $125 a barrel this year and $150 in 2023.
How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
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On sale: Later in 2025 or early 2026, depending on region
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The bio
Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.
Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.
Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.
Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
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'Ashkal'
Name: Colm McLoughlin
Country: Galway, Ireland
Job: Executive vice chairman and chief executive of Dubai Duty Free
Favourite golf course: Dubai Creek Golf and Yacht Club
Favourite part of Dubai: Palm Jumeirah
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
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Wealth managers recommend late investors to have a balanced portfolio that typically includes traditional assets such as cash, government and corporate bonds, equities, commodities and commercial property.
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“It has produced eye-watering returns for some, whereas others have lost substantially as this has all depended purely on timing and when the buy-in was. If someone still has about 20 to 25 years until retirement, there isn’t any need to take such risks,” Rupert Connor of Abacus Financial Consultant says.
He adds that if a person is interested in owning a business or growing a property portfolio to increase their retirement income, this can be encouraged provided they keep in mind the overall risk profile of these assets.
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
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- 600-seat auditorium
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Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
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