Consumers and residents in the UAE are likely to feel the ripple effect of the Russia-Ukraine conflict with fuel prices expected to rise above AED 3 from 1 March.
Citing the UAE Fuel Price Committee, the state-owned Abu Dhabi National Oil Company as well as UAE-based Emarat revealed on their respective Twitter accounts that from tomorrow, 1 March, the cost of one litre of Special 95 petrol would climb by 30 fils to AED 3.12, from AED 2.82.
The cost of the premium Super 98 petrol will also rise by approximately 29 fils to AED 3.23 per litre, from AED 2.94.
Similarly, diesel price will increase to AED 3.19 per litre, up from AED 2.88, and the E-Plus 91 fuel will cost AED 3.05 per litre, marking an increase of 30 fils from AED 2.75.
The prices, which include the 5% value-added tax (VAT), reflect the surge in oil prices after Western nations imposed sanctions on Russia, due to its ongoing conflict with Ukraine.
Oil markets react to Russia-Ukraine crisis
The US, the EU, and the UK have stated that they will block certain Russian banks from the SWIFT messaging system, a move that makes it more difficult for nations to purchase oil from Russia.
Additionally, British multinational oil and gas firm BP Plc also moved to dump its shares in oil giant Rosneft PJSC, taking a financial hit of as much as $25bn. New York Stock Exchange-listed energy firm Equinor also stated that it would terminate its Russian ventures.
Brent crude moving upwards to $105, from the $100 level last week, before paring gains. Light sweet crude oil futures have climbed nearly $5 to $96.32 per barrel, before easing slightly.
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