In July 2023, petrol and diesel prices in the UAE have experienced a significant decline of up to 42% within a year.
The price of E-Plus 91 currently stands at AED 2.81 per litre, indicating a 36.7% reduction compared to the same month last year when it was priced at AED 4.44.
Diesel prices have dropped even further, with the cost now standing at AED 2.76 per litre at the country’s fuel stations, in contrast to AED 2.76 during the corresponding period in the previous year.
This decrease in diesel prices amounts to an exact AED 2 per litre, representing a substantial 42% reduction from last year.
Similarly, Special 95 and Super 98 fuels have also witnessed significant price decreases, dropping by 36% and 35.2% respectively.
During the period from July 2022 to July 2023, the overall cost of refueling vehicles in the UAE has seen a decline of:
Special 95 – AED 2.89 litre from AED 4.52 in July 2022, a reduction of 36% year-on-year
Super 98 – AED 3.00 a litre from AED 4.63 in July 2022, a reduction of 35.2% year-on-year
E-Plus – AED 2.81 a litre from AED 4.44 in July 2022, a reduction of 36.7% year-on-year
Diesel – AED 2.76 a litre from AED 4.76 in July 2022, a reduction of 42% year-on-year
Throughout the year, the price of petrol in the UAE has experienced fluctuations due to the dynamics of the global energy market, which directly impact pump prices.
The Fuel Price Committee in the UAE convenes on a monthly basis to determine whether to adjust petrol prices upward or downward. So far this year, petrol prices have experienced monthly variations, with alternating decreases and increases.
Between January and July, each month that saw a reduction in petrol prices was followed by an increase in the subsequent month. On the other hand, diesel prices in the UAE have consistently decreased every month in 2023.
In 2020, the Fuel Price Committee imposed price freezes; however, they lifted these restrictions in March 2021 to align with the global surge in oil prices. Furthermore, the overall trend of crude oil prices on a global scale influences the cost of petrol.
