The United Arab Emirates (UAE) Fuel Price Committee has recently unveiled its latest announcement regarding the new petrol and diesel prices, set to take effect from 1 August 2023. In a significant development, the prices of Super 98, Special 95, E-Plus 91, and Diesel have seen an increase of up to 6.9 percent.
Price Hike Breakdown
Starting tomorrow, Super 98 will be priced at AED 3.14 per liter, a noticeable rise from its previous AED 3 in July. Meanwhile, Special 95 will see a new price tag of AED 3.02 per liter, up from AED 2.89. Similarly, E-Plus 91 will now cost AED 2.95 per liter, compared to its previous AED 2.81, while Diesel will be available at AED 2.95 per liter, experiencing a surge from AED 2.76.
UAE Fuel Price Update – August 2023
| Fuel Type | Price per Liter in August/2023 | Price per Liter in July/2023 | % Increase from July |
| Super 98 | AED 3.14 | AED 3 | 4.7% |
| Special 95 | AED 3.02 | AED 2.89 | 4.5% |
| E-Plus 91 | AED 2.95 | AED 2.81 | 5% |
| Diesel | AED 2.95 | AED 2.76 | 6.9% |
Determining Fuel Prices in the UAE
The method for setting fuel prices in the UAE has undergone several transformations over the years. Before 2015, the government tightly regulated fuel prices, maintaining a stable rate for prolonged periods, unaffected by market dynamics or production costs.
However, the scenario changed in 2015, when the UAE government decided to deregulate fuel prices, allowing market forces to dictate the pricing. Factors such as global oil prices, supply and demand, and other economic conditions started influencing fuel prices.
The Impact of COVID-19 on Fuel Pricing
With the onset of the COVID-19 pandemic in 2020, the UAE government responded to the crisis by re-regulating fuel prices, aiming to assist residents and businesses affected by the pandemic.
However, this intervention was temporary. In March 2021, the UAE once again embraced the concept of deregulation, giving market forces the authority to determine fuel prices.
