Fuel prices in the UAE are set to decline for the month of April 2023, after rising for two consecutive months.
Today, Friday, March 31, the prices of gasoline and diesel in the UAE for the month of April 2023 were announced, a decision that citizens and residents usually await on the last day of each month.
The decline in fuel prices in the UAE for the month of April 2023 coincided with the decrease in average oil prices during this March, compared to the average prices in February, according to the data monitored by the specialized energy platform.
Fuel prices in the UAE for the month of April 2023
Today, Friday, March 31, the UAE Fuel Price Determination Committee revealed the new prices that will be applied starting tomorrow, Saturday, April 1.
The UAE Fuel Price Follow-up Committee decided to reduce the price of a liter of gasoline by between 7 and 8 fils per liter, and the price of diesel decreased by 11 fils per liter compared to March 2023 prices.
The fuel prices in the UAE for the month of April 2023 are as follows:
- The price of a liter of “98 petrol” decreased from 3.09 dirhams to 3.01 dirhams.
- The price of a liter of “95 petrol” decreased from 2.97 dirhams to 2.90 dirhams.
- The price of a liter of “91 petrol” decreased from 2.90 dirhams to 2.82 dirhams.
- The price of a liter of diesel decreased from 3.14 dirhams to 3.03 dirhams.
(AED = 100 fils = 0.27 USD)
Petrol prices in UAE
Fuel distribution companies have revealed that the new prices for petrol and diesel, which are scheduled to come into effect tomorrow, Saturday, April 1, 2023, include a value-added tax of 5%.
The decline is the first after two months of increases in fuel prices in the UAE during 2023; As the country recorded its first increase during the month of February (2023).
And during last February, the price of a liter of gasoline of all grades increased between 27 and 26 fils, and the price of a liter of diesel increased by 9 fils, according to what was seen by the specialized energy platform.
This March also witnessed the second increase during 2023; The UAE Fuel Price Monitoring Committee decided to raise the price of a liter of gasoline of all grades by about 4 fils for gasoline, and a decrease of 24 fils for diesel.
This comes after the largest drop in fuel prices the UAE witnessed during last January, which recorded a decline in the prices of all types of gasoline and diesel, by values that decline between 0.4 and 0.55 dirhams.
Oil prices, which reached their highest levels in 2022 in the aftermath of the Russian-Ukrainian war, prompted the UAE to raise fuel prices several times last year.
The price of gasoline in the UAE rose to its highest level in 2022, at 4.52 dirhams ($1.23), in July 2022, before slowly declining in the following two months, August and September.
Fuel prices in the UAE have witnessed hesitant movements. It rose last March, the month following the war in Ukraine, to 3.12 dirhams ($0.85), then in April to 3.62 dirhams ($0.99), and then fell to 3.55 dirhams ($0.97) in May. , so that the average fuel prices in the UAE throughout the year are about 3.44 dirhams ($ 0.94).
Mechanism for determining the price of fuel in the UAE
Fuel prices in the UAE are set monthly by a committee chaired by the Ministry of Energy, according to the average global oil price, whether it is high or low, after adding the operating cost 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. The Ministry of Energy adopts a pricing mechanism according to international prices, but it does not depend on a single market, in addition to maintaining a reasonable profit for the distribution companies and raising the efficiency of their services.
The step to liberalize fuel prices includes both petrol and diesel. Prices are reviewed monthly by the Fuel Pricing Authority, headed by the Undersecretary of the Ministry of Energy, membership of the Ministry of Finance, Emirates Oil Corporation (Emarat), CEO of Abu Dhabi National Oil Company for Distribution (ADNOC Distribution) and CEO of Emirates National Oil Company (ENOC).
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