UAE to reveal April fuel prices: Will prices increase for the third consecutive month?

UAE Fuel Price Committee Set to Announce April Rates, Global Oil Prices Surge

Anticipating the forthcoming announcement by the UAE’s Fuel Price Committee regarding petrol and diesel prices for April, it’s essential to understand the context within which these revisions occur. Since 2015, the UAE has followed a deregulation policy, aligning fuel prices with international rates to ensure market synchronicity and transparency.

March 2024 continued the trend from the previous month, with petrol prices marking a second consecutive monthly rise. Super 98, Special 95, and E-Plus 91 were retailed at Dh3.03, Dh2.92, and Dh2.85 per liter respectively, reflecting the dynamic nature of fuel pricing mechanisms in the region.

Globally, March 2024 saw a significant surge in oil prices compared to the previous month, driven by a tighter supply outlook and increased geopolitical risks. Mid-March saw crude prices reach a four-month peak, supported by the International Energy Agency’s projection of a tightening market and an upward revision in demand growth for the year. WTI crude traded at $83.17 per ounce, up by 2.24%, while Brent traded 1.86% higher at $87.0.

Brent, the international benchmark, averaged around $84.25 a barrel in March 2024, up from the previous month’s $81.3 average. This $3 increase in the average price in March suggests a likely corresponding increase in April’s prices, which are expected to be announced either on Saturday or Sunday. These periodic announcements are crucial for residents and businesses in the UAE as they plan their fuel budgets.

The comprehensive data on petrol and diesel rates over the past months provides valuable insight into the fluctuations in fuel prices, serving as a vital reference for stakeholders navigating the intricate dynamics of the energy market.