UAE raises fuel prices for August 2023 due to international market fluctuations and increasing demand, aiming to manage consumption and ensure economic sustainability.
Updated Fuel Price Announced for August 2023
The UAE has increased the prices of fuel and announced new prices that are applicable from the month of August. The rates for July for E-Plus 91, Super 95, and Super 98 are increased up to 19fils per Liter.
From the month of August, Consumers are charged Dhs3.14 instead of Dhs3 per Litre for Super 98 petrol. Super 95 was Dhs2.98 in July and from August it will cost Dhs3.02.
Previous Trend in Diesel and Petrol Prices in UAE
In 2015, the UAE liberalized petrol prices to allow them to change according to the market. Fuel prices in the country change in accordance with worldwide trends.
Every month, the UAE’s fuel price committee meets to decide whether prices will rise or fall. The rates from January to August 2023 are mentioned below:
| Month | EPlus 91 | Special 95 | Super 98 | Diesel |
| January | 2.59 | 2.67 | 2.78 | 3.29 |
| February | 2.86 | 2.93 | 3.05 | 3.38 |
| March | 2.90 | 2.97 | 3.09 | 3.14 |
| April | 2.82 | 2.90 | 3.01 | 3.03 |
| May | 2.79 | 3.05 | 3.16 | 2.91 |
| June | 2.76 | 2.84 | 2.95 | 2.68 |
| July | 2.81 | 2.89 | 3.00 | 2.76 |
| August | 2.95 | 3.02 | 3.14 | 2.95 |
Why Fuel Prices Are Increasing Worldwide?
Fuel prices are increasing worldwide due to several factors.
First, geopolitical tensions and conflicts in major oil-producing regions disrupt supply, leading to reduced output.
Second, growing global demand, especially in emerging economies, strains supply capacities.
Third, natural disasters and climate change impacts affect production and transportation infrastructure. Additionally, inflation and currency fluctuations affect diesel fuel prices, as oil is usually traded in US dollars. Furthermore, regulatory changes promoting cleaner energy may lead to higher costs for transitioning.
Overall, these complex interplays of supply and demand, geopolitical dynamics, climate-related challenges, and policy shifts contribute to the ongoing upward trend in fuel prices on a global scale.
Conclusion
By studying the prices for 2023, we can conclude that diesel and petrol prices are not just increasing but they also fall for some months. Like, from January to April diesel fuel price increases every month but as mentioned in the table the diesel price in May 2023 and the diesel price in June 2023 shows a decrease from previous rates.
