Fuel Prices in the UAE: Motorists in the United Arab Emirates are eagerly awaiting the announcement of fuel prices for March 2024, scheduled for today, Thursday, February 29th. This comes after a slight increase in prices for February, following a decrease at the beginning of the year.
While the official announcement is yet to be made, many are hoping for a downward trend in petrol and diesel costs. The year began with a sigh of relief for drivers as prices dipped in January. However, February saw a modest rise across all categories.
The UAE’s fuel price committee convenes monthly to review global rates and adjust domestic prices accordingly. This announcement typically takes place at the end of each month, and the new prices then come into effect the following day.
Current Fuel Prices in the UAE (February 2024):
- Super 98 petrol: AED 2.88 per litre (up from AED 2.82 in January)
- Special 95 petrol: AED 2.76 per litre (up from AED 2.71 in January)
- E-plus 91 petrol: AED 2.69 per litre (up from AED 2.64 in January)
- Diesel: AED 2.99 per litre (down from AED 3.00 in January)
A Look Back at Fuel Prices in the UAE:
Since 2015, the UAE has adopted a policy of aligning domestic fuel prices in the UAE with global fluctuations. This means prices are adjusted monthly to reflect changes in the international oil market.
July 2022 saw a record high for Fuel Prices in the UAE, with Super 98 reaching AED 4.63 per litre. The following year brought some relief, with prices peaking in October 2023 before gradually decreasing in the later months of the year.
What to Expect for March 2024?
With global oil prices experiencing slight fluctuations in recent weeks, predicting the exact direction of March fuel prices in the UAE remains difficult. However, drivers are hopeful for a decrease based on the downward trend observed in the latter half of 2023.
The official announcement later today will provide clarity on the exact fuel prices for March, offering some relief or potentially impacting budgets for the coming month.