Fuel prices in the UAE for the month of February 2023 are rising again, after two months of declines.
Today, Tuesday, January 31, the prices of gasoline and diesel in the UAE for the month of February 2023 were announced, and it is the decision that citizens and residents await on the last day of each month.
The rise in fuel prices in the UAE came after an increase in average oil prices during January, compared to the average prices in December, according to data seen by the specialized energy platform.
Fuel prices in Jordan for February 2023
The Committee for Setting Fuel Prices in the Emirates revealed, this evening, Tuesday, January 31, the new prices that will be applied starting tomorrow, Wednesday, February 1.
The UAE Fuel Price Monitoring Committee decided to increase the price of a liter of gasoline of all grades between 27 and 26 fils, and the price of a liter of diesel by 9 fils.
The fuel prices in the UAE for the month of February 2023 are as follows:
- Increasing the price of a liter of “98 petrol” from 2.78 dirhams to 3.05 dirhams.
- Increasing the price of a liter of “95 petrol” from 2.67 dirhams to 2.93 dirhams.
- Increasing the price of a liter of “91 petrol” from 2.59 dirhams to 2.86 dirhams.
- Increasing the price of a liter of diesel from 3.29 dirhams to 3.38 dirhams.
(AED = 100 fils = 0.27 USD)
Petrol prices in UAE
Fuel distribution companies have announced new prices for gasoline and diesel, with implementation starting tomorrow, Wednesday, February 1, 2023, as the new price includes a value-added tax of 5%.
Fuel prices in the UAE for the month of January (2023) witnessed a decrease, which is the largest in the series of reductions, as the prices of all types of gasoline and diesel fell by values that decreased between 0.4 and 0.55 dirhams.
This January was the second month in the reductions, after the price decline in December, as the fuel price follow-up committee in the UAE decided to reduce the price of a liter of gasoline of all grades by about 2 fils, and the price of a liter of diesel by 27 fils.
The committee had approved an increase in fuel prices during the month of November 2022, by 28 fils in the price of a liter of gasoline, and about 25 fils in the price of a liter of diesel.
The committee also decided to reduce the price of gasoline and diesel in the UAE during the month of October 2022, by 38 fils in gasoline, and diesel was reduced by 11 fils per liter, compared to September 2022 prices.
This was preceded by a reduction in fuel prices in the UAE during September 2022 by 62 fils in gasoline, and diesel was reduced by 27 fils per liter, compared to August 2022 prices.
The committee decided to reduce the prices of oil derivatives last August by 60 fils in gasoline, and diesel was reduced by 62 fils per liter, compared to July 2022 prices.
Mechanisms for determining fuel prices
Fuel prices in the UAE, which are approved by the Ministry of Energy on a monthly basis, are determined according to the average global oil prices, whether they are high or low, after adding the operating costs of the distribution companies.
The price of a liter of gasoline in the UAE is among the highest in the Arab Gulf region, but it is much lower than the global average of $1.47 per liter, according to Global Petroleum Prices data.
The UAE has adopted a policy of liberalizing fuel prices since August 2015, as the Ministry of Energy adopts a pricing mechanism in accordance with international prices, but it does not depend on a single market, in addition to maintaining a reasonable profit for distribution companies and raising the efficiency of their services.
The move to liberalize fuel prices includes both gasoline and diesel, as the Fuel Pricing Authority reviews prices monthly, headed by the Undersecretary of the Ministry of Energy, membership of the Ministry of Finance, CEO of Abu Dhabi National Oil Company for Distribution “ADNOC Distribution”, CEO of Emirates National Oil Company “ENOC”, and the Corporation Emirates Petroleum “Emarat”.
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