'Nearly half of what I used to pay': UAE residents rejoice as fuel prices fall

For Salam Shehady, when petrol prices peaked in July, the cost of a full tank was around Dh200. “In January 2023, it will only cost me Dh100,” she said. “That is half of what I used to pay. So, I am really happy about the price drop.”

The Dubai resident whose office is in Abu Dhabi says the price of petrol directly impacts her decision to go into office. “When the prices were high, I could not afford to go to Abu Dhabi often so I would work out of the Dubai office,” she said. “But when the price drops, I go into the Abu Dhabi office more often. I am really thankful that the new year is bringing in some amazing news.”

Petrol prices for January 2023 announced on Friday marked a significant drop of at least 50 fils across the board. The price of Super 98 petrol dropped from Dh3.30 to Dh2.78. The cost of Special 95 fell from Dh3.18 to Dh2.67. The price of E-Plus 91 dropped 52 fils from Dh3.11 to Dh2.59. Diesel prices also fell from Dh3.74 to Dh3.29 marking a 45-fil drop.

Ateeq Ahmed was at Adnoc station in Al Nahda, Sharjah when he saw the Khaleej Times report of prices dropping. "I filled only enough petrol to last me for two days," he said. "The capacity of my tank is nearly 100 litres and it's a huge difference as I can save nearly Dh50 on a full tank."

For Ras Al Khaimah resident Shibin Basheer, the drop means he can save close to Dh100 every month. “I drive from Ras Al Khaimah to Sharjah three days a week for work and to Dubai once a week,” he said. “The drop in prices translates into significant savings for me.”

This is the cheapest price of petrol since January 2022, when the price for Super 98 petrol was Dh2.65, Special 95 petrol was priced at Dh2.53 and the cost of E-plus petrol was Dh2.46.

Danish Sadiq, a resident of Sharjah and an adventure buff who had restricted his desert drive plans this winter due to high petrol cost is elated. "A full tank in my 4X4 costs me over Dh300,” he said. “I often hit the desert in winter but this year we decided to reduce the number of trips. This news is pleasing to hear and is a perfect new year gift from the government.”

The adventure enthusiast added that he had received a number of calls from his friends. “Everyone is eager to plan drives now that the process has dropped,” he said. “We are all excited and hoping to welcome the new year while camped out in the desert."

The UAE deregulated retail fuel prices in August 2015 and since then, the committee announces revised rates every month. In July 2022 this year, retail fuel prices reached an all-time high in the UAE. Since then, the rates were reduced in August, September and October, before slightly rising in November.

For Syrian expat Mohammed Yaseen, the drop will translate into Dh23 saving on a full tank of petrol every week. “I live in Dubai Sports City and my wife drives to Sharjah everyday,” he said. “I have to fill petrol every week, so for me it saves close to Dh100 every month. I am happy about it.”

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