UAE Fuel Prices Set to Increase Soon, New Gasoline Price List Revealed
In the Emirates, gasoline prices have seen a steady increase for the fourth consecutive month, with October 2023 ushering in another uptick. This surge is closely linked to the remarkable rise in global oil prices, which have hit levels not seen in over seven months. After hovering around $75 per barrel for several months, global oil prices surged beyond $94 per barrel.
Fuel prices rise in the UAE for the fourth consecutive month.
Two of the biggest oil producers in the world, Saudi Arabia and Russia, announced an extension of voluntary oil production cutbacks until the end of the year, which led to this change.
Continuous increases in fuel costs
Emirates residents have experienced a continuous increase in fuel prices throughout the past few months. The trend of rising fuel prices commenced in May, continued through June, and further increased in July, August, and September. The revised fuel prices in the UAE went into effect on October 1 as the Petroleum Derivatives Prices Setting Committee had previously announced.
Fuel Price Adjustments for October 2023
The Fuel Pricing Committee introduced the updated fuel prices for October 2023 in the UAE, which also include a 5% value-added tax. Notable changes in prices include a 2 fils increase for both 95 and 98 gasoline, a 3 fils increase for 91 gasoline, and a 17 fils increase for diesel compared to September prices.
The new fuel prices in the UAE for October 2023 are as follows:
- 95 gasoline: 3.33 dirhams per liter (up from 3.31 dirhams)
- 91 gasoline: 3.26 dirhams per liter (up from 3.23 dirhams)
- Diesel: 3.57 dirhams per liter (up from 3.40 dirhams)
Despite efforts by the UAE government to stabilize fuel prices, the country continues to experience some of the highest gasoline prices in the Arab region, according to a previous energy platform survey.
UAE's Commitment to Fuel Price Stability
Each month, the UAE Petroleum Derivatives Committee, under the direction of the Ministry of Energy, adjusts fuel prices after considering a number of factors, including average oil prices.
This approach aims to maintain fuel price stability within specific limits while ensuring that citizens and residents can maintain their quality of life. Throughout 2023, fuel prices in the UAE witnessed significant fluctuations, with the largest annual decline observed in January, following heightened tensions related to the Russian invasion of Ukraine.
Diesel prices in Dubai stand at 3.57 dirhams per liter, while gasoline 91 is priced at 3.26 dirhams per liter, and gasoline 95 costs around 3.33 dirhams per liter.
As global oil market dynamics continue to influence fuel prices, the UAE remains committed to ensuring that its residents enjoy stable prices at the pump.