UAE Petrol Price: Motorists in the United Arab Emirates (UAE) are waiting with bated breath as the announcement of June’s UAE petrol prices approaches. After a slight increase in May, there’s a flicker of hope for a decrease in petrol and diesel costs across the country, particularly in Dubai.
A Year of Fluctuations:
The year began with a sigh of relief for UAE drivers as January witnessed a drop in UAE petrol prices. However, since February, there’s been a gradual rise at the pump, pinching wallets and impacting transportation costs. The official announcement of the new rates is expected later this week, on June 1st, 2024.
Current Petrol Landscape:
For reference, here’s a look at the existing petrol prices in the UAE compared to April:
- Super 98 petrol: Dhs 3.34 per litre (up from Dhs 3.15)
- Special 95 petrol: Dhs 3.22 per litre (up from Dhs 3.03)
- E-plus 91 petrol: Dhs 3.15 per litre (up from Dhs 2.96)
- Diesel: Dhs 3.07 per litre (up slightly from Dhs 3.09)
The rising petrol prices have had a domino effect, with taxi fares in Dubai also experiencing an increase. The current per-kilometer rate for taxis in the city sits at Dhs 2.09.
A Look Back at UAE Petrol Price Trends:
Since 2015, the UAE has adopted a policy of revising petrol prices monthly, mirroring fluctuations in global oil prices. This system ensures transparency and aligns domestic fuel costs with the international market.
However, the trend hasn’t always been upward. In July 2022, UAE petrol prices reached an all-time high, with Super 98 reaching a staggering Dhs 4.63 per litre. Fortunately, 2023 saw some relief, with prices peaking in October before a welcome decline in November, December, and January.
Petrol Price Recap (January – April 2024):
- January: Super 98 (Dhs 2.82), Special 95 (Dhs 2.71), E-plus 91 (Dhs 2.64), Diesel (Dhs 3.00)
- February: Super 98 (Dhs 2.88), Special 95 (Dhs 2.76), E-plus 91 (Dhs 2.69), Diesel (Dhs 2.99)
- March: Super 98 (Dhs 3.03), Special 95 (Dhs 2.92), E-plus 91 (Dhs 2.85), Diesel (Dhs 3.16)
- April: Super 98 (Dhs 3.15), Special 95 (Dhs 3.03), E-plus 91 (Dhs 2.96), Diesel (Dhs 3.09)
Fuel Price Policy and its Impact:
The UAE’s fuel price liberalization in 2015 aimed to streamline the domestic market with global trends. This policy incentivizes responsible fuel consumption and encourages the use of public transportation or alternative fuels. The monthly fuel price committee meetings ensure transparency and allow for adjustments based on global oil market movements.
Looking Ahead:
While the official announcement for UAE petrol prices in June is yet to come, UAE motorists remain hopeful for a decrease. Only time will tell if June brings relief at the pump or if the upward trend continues. Regardless, the UAE‘s commitment to aligning domestic fuel costs with global markets ensures transparency and a dynamic fuel pricing system.