Fuel prices are set to rise in the UAE for next March (2023) again, to continue their rise after the price increase in February.
Today, Tuesday, February 28, the prices of gasoline and diesel in the UAE for the month of March 2023 were announced, a decision that citizens and residents usually await on the last day of each month.
The rise in fuel prices in the UAE came despite the decline in average oil prices during February, compared to the average prices in January, according to data monitored by the specialized energy platform.
Fuel prices in the UAE for the month of March 2023
The Fuel Price Determination Committee in the UAE revealed, this evening, Tuesday, February 28, the new prices that will be applied starting tomorrow, Wednesday, March 1.
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.
The fuel prices in the UAE for the month of March 2023 are as follows:
- The price of a liter of “98 petrol” increased from 3.05 dirhams to 3.09 dirhams
- The price of a liter of “95 petrol” increased from 2.93 dirhams to 2.97 dirhams.
- The price of a liter of “91 petrol” increased from 2.86 dirhams to 2.90 dirhams.
- The price of a liter of diesel decreased from 3.38 dirhams to 3.14 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, Wednesday, March 1, 2023, include a value-added tax of 5%.
The rise is the second in fuel prices in the UAE during 2023, as the country recorded the first rise during February (2023), after the largest decline the country witnessed last January, which recorded a decline in all types of gasoline and diesel prices, with values that decline between 0.4 and 0. .55 dirhams.
During this 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 by 9 fils, according to what was seen by the specialized energy platform.
Oil prices, which recorded their highest levels in 2022 in the aftermath of the Russian-Ukrainian war, prompted the UAE to raise fuel prices several times.
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 subsequent 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).
How to determine 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, 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 step of liberalizing fuel prices includes both gasoline and diesel, as the Fuel Pricing Authority reviews prices monthly, headed by the Undersecretary of the Ministry of Energy, the membership of the Ministry of Finance, the CEO of the Abu Dhabi National Oil Company for Distribution “ADNOC Distribution”, the Emirates Oil Corporation “Emarat”, and the CEO of the Petroleum Company. Emirates National “ENOC”.
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