Petrol and diesel prices to change for March 2024 in the UAE

The United Arab Emirates is on the brink of unveiling the latest petrol price adjustments for March later this week.

Following a month of minor increases in petrol prices, which diverged from three consecutive months of reductions observed from November to January, the country's fuel market has exhibited a notable level of volatility over the past year.

As an illustration, the price of E-Plus 91 gasoline was 2.86 AED per liter in February 2023, while the price of diesel was 3.38 AED per liter. There is a price drop for both fuels right now; the E-Plus 91 is AED 2.69 per liter, and diesel is AED 2.99 per liter. Also, compared to a year earlier, the price of the Special 95 has dropped from AED2.93 to AED2.76 per liter, and that of the Super 98 has dropped from AED3.05 to AED2.88 per liter.

Effective February 1, refueling vehicles in the UAE comes with the following costs:

  • E-Plus: AED2.69 per liter, up from AED2.64 in January.
  • Special 95: AED2.76 per liter, up from AED2.71 in January.
  • Super 98: AED2.88 per liter, up from AED2.82 in January.
  • Diesel: AED2.99 per liter, down from AED3.00 in January.

In response to the COVID-19 pandemic's impact in 2020, the Fuel Price Committee implemented a freeze on petrol prices in the UAE to mitigate fluctuations. However, these controls were lifted in March 2021 as global oil prices started to rise, allowing market forces to once again dictate petrol prices.

The fluctuations in petrol prices are closely linked to changes in global crude oil prices. The periodic adjustments in gasoline prices underscore the dynamic nature of the global oil market, where various economic and geopolitical factors influence price movements.

Read also: UAE: RAK imposes Up to Dh20,000 penalty for Releasing Seized Vehicles

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