The Gold Rate in Dubai Today on 7 September 2023 is 2335.00 AED (UAE Dirham) for 10 grams of 24-Karat...
UAE Petrol Prices Set to Change for Ramadan with Cut Expected
As the holy month of Ramadan is underway, the UAE’s fuel price committee is set to meet at the end of this month to determine new petrol and diesel prices for April. Based on the country’s practice, fuel prices are expected to fluctuate in line with global oil prices, and we might see a drop in prices this time around.
In March, there was a small increase in the price of petrol, while diesel prices decreased slightly. Currently, the prices for petrol are as follows: Super 98 petrol costs Dhs3.09 per litre, Special 95 petrol costs Dhs2.97 per litre, and E-Plus 91 petrol costs Dhs2.90 per litre. Diesel, on the other hand, costs Dhs3.14 per litre.
The price of oil has been steadily falling this month, with Brent futures dropping from $84.31 in February to $75.32 and US West Texas Intermediate crude settling at $69.33 (down from $77.05). This almost $10 drop amounts to almost Dhs37 per barrel, and if global oil prices continue to decline, we could see a reduction in petrol prices in the UAE.
It is worth noting that UAE fuel prices were liberalized in 2015, and the fuel price committee has been meeting on a monthly basis to announce revised rates for the past seven years. Last year, petrol prices in the country went above Dhs4 for the first time in June and reached an all-time high in July, with Super 98 petrol costing Dhs4.63 per litre. Prices then fell for three consecutive months before a November hike, followed by a further reduction in December.
The changes in petrol prices are closely watched by the population, as petrol is heavily relied upon by the majority of UAE residents for transportation. Moreover, as the holy month of Ramadan begins, many people will travel to see their loved ones, which will likely result in an increase in petrol consumption. Hence, any changes in fuel prices will have a significant impact on the economy and daily life in the UAE.