Khaleej Times, Monday, Feb 27, 2023 | Sha'ban 07, 1444
UAE set to announce petrol prices for March soon
Emirates:
The UAE’s Fuel Price Committee is likely to announce retail petrol prices for
the month of March 2023 soon to be at par with the global rates.
The Committee increased retail fuel prices by more than 10 per cent
month-on-month for February 2022, pricing Super 98, Special 95 and E-Plus at
Dh3.05, Dh2.93 and Dh2.86 per litre, respectively.
Petrol prices are revised every month ever since the government announced
deregulations of retail fuel prices in August 2015 to be aligned with the global
rates. The revised prices are usually announced on the last day of the month,
but there were instances when they were released on the second last day of the
month.
Local fuel prices remain substantially cheaper when compared to global rates
even after the deregulation because most of the countries levy heavy taxes on
the consumption of fuel. In the UAE, only value-added tax (VAT) is levied on
retail fuel prices.
According to globalpetrolprices.com, the UAE petrol price is cheaper by Dh1.84
litre when compared to global average rates. As of February 20, the average fuel
price was Dh2.93 in the UAE as compared to the global average of Dh4.77.
On Monday, oil prices dropped slightly in Asia with Brent trading at $82.88 a
barrel, down 0.34 per cent, while WTI fell 0.29 per cent to $76.1 per barrel.
Oil prices peaked in the UAE in July 2022 when all three variants were priced
above Dh4 per litre due to a major increase in global rates after the
Russia-Ukraine crisis, fearing disruption of oil supply.
Prices were on the lower side in the last four months of 2022 due to fear of the
global economy slipping into recession.
UAE retail fuel prices in 2022-23 (dirhams per litre)
Monthstrong> |
Super 98 |
Special 95 |
E-Plus |
January |
2.65 |
2.53 |
2.46 |
February |
2.94 |
2.82 |
2.75 |
March |
3.23 |
3.12 |
3.05 |
April |
3.74 |
3.62 |
3.55 |
May |
3.66 |
3.55 |
3.48 |
June |
4.15 |
4.03 |
3.96 |
July |
4.63 |
4.52 |
4.44 |
August |
4.03 |
3.92 |
3.84 |
September |
3.41 |
3.3 |
3.22 |
October |
3.03 |
2.92 |
2.85 |
November |
3.32 |
3.20 |
3.13 |
December |
3.30 |
3.18 |
3.11 |
January 2023 |
2.78 |
2.67 |
2.59 |
February 2023 |
3.05 |
2.93 |
2.86 |