UAE fuel prices have risen over 56% since January 2022

Oil rates crossed the Dh4 mark for the first time since price deregulation in August 2015



KT File
KT File
by

Waheed Abbas

Published: Wed 1 Jun 2022, 3:57 PM

Last updated: Wed 1 Jun 2022, 9:43 PM

Petrol prices in the UAE have jumped over 56 per cent since January 2022 due to an increase in global crude oil prices, especially after the Russia-Ukraine war in February.

On Tuesday, the UAE increased Super 98 petrol prices by over 13 per cent to Dh4.15 per litre for June as compared to Dh3.66 in May. While Special 95 price has been hiked by 13.5 per cent from Dh3.55 to Dh4.03. E-Plus 91 will cost Dh3.96 per litre in June as against Dh3.48 last month, up by 13.8 per cent.

While diesel price for June has been set at Dh4.14 per litre, up from Dh4.08 per litre in May.

Since the UAE implemented fuel price deregulation in August 2015, prices crossed the four dirham mark for the first time ever.

When compared to January 2022 prices when Super 98 was selling at Dh2.65 per litre, fuel prices in the country are up by over 56 per cent.

Oil prices surged earlier this week to trade at over $124 per barrel after European Union agreed to ban oil imports from Russia after the Ukraine war.

Naeem Aslam, chief market analyst at Ava Trade, said oil prices continue to trade high on the back of the EU embargo news on Russian oil.

“Supply is a major concern and the fact that the EU is prepared to move away from Russian oil, traders are concerned how the supply and demand equation will come to a level under which we could see oil prices back below the $100 price level. For now, it is very much clear that oil prices are likely to remain high for an extended period as Opec is in no mood to pump extra oil supply,” added Aslam.

Petrol prices in 2022 (Dh/per litre):

MonthSuper 98 Special 95E-PlusDiesel
January2.652.532.462.56
February2.942.822.752.88
March3.233.123.053.19
April3.743.623.554.02
May3.663.553.484.08
June4.154.033.964.14

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