UAE petrol prices and diesel rates rise in March 2024
This adjustment follows a February increase attributed to rising fuel costs
UAE Announces Fuel Price Increase for March 2024
The UAE has announced a hike in fuel prices for March, a move attributed to increasing fuel costs. Despite the upward trend, current petrol and diesel rates remain relatively lower compared to the same period last year.
While the costs of both petrol and diesel have experienced fluctuations over the past 12 months, they currently stand below the levels observed during the same period last year.
Fuel Price Breakdown for March 2024: Starting March 1, the cost of refueling vehicles in the UAE will be as follows:
- Special 95: AED 2.92 per litre (up from AED 2.76 in February)
- Super 98: AED 3.03 per litre (up from AED 2.88 in February)
- E-Plus: AED 2.85 per litre (up from AED 2.69 in February)
- Diesel: AED 3.16 per litre (up from AED 2.99 in February)
️ Monthly Fuel Price Announcement: March 2024 fuel prices released by the #UAE Fuel Price Follow-up Committee. Image Link
This shift in fuel prices is part of the UAE’s approach following the deregulation implemented in August 2015. The deregulation aligned with a new policy that connects fuel prices with global trends. The Ministry of Energy & Infrastructure and the Ministry of Finance play crucial roles as government representatives in a committee tasked with assessing and reviewing fuel prices on a monthly basis.
March 2021 marked a significant turning point when controls were lifted, allowing market forces to once again determine petrol prices, responding to the surge in global oil prices.
Past 6 Months Overview: Reviewing the past six months provides insights into the fluctuating prices:
| Prices in AED per litre | E-Plus 91 | Special 95 | Super 98 | Diesel |
|---|---|---|---|---|
| February 2024 | 2.69 | 2.76 | 2.88 | 2.99 |
| January 2024 | 2.64 | 2.71 | 2.82 | 3.00 |
| December 2023 | 2.77 | 2.85 | 2.96 | 3.19 |
| November 2023 | 2.85 | 2.92 | 3.03 | 3.42 |
| October 2023 | 3.26 | 3.33 | 3.44 | 3.57 |
| September 2023 | 3.23 | 3.31 | 3.42 | 3.40 |
This transparent monthly evaluation underscores the dynamic nature of fuel pricing, intertwined with global oil market shifts. As the UAE continues to navigate this landscape, consumers can anticipate ongoing adjustments reflective of prevailing economic and market conditions.
