UAE fuel prices have risen over 74% since January 2022

Petrol prices in the UAE have jumped over 74 per cent since January 2022 due to an increase in global crude oil prices, especially after the Russia-Ukraine war in February.

Compared to the January rate of Dh2.65 per litre for Super 98 petrol, in July, it costs Dh4.63 per litre.

Fuel prices in July increased for the second month straight in July. The rates had dipped slightly in May.

Compared to the June rates, Super 98 petrol now costs 11.5 per cent more at Dh4.63 a litre. Special 95 petrol costs Dh4.52 per litre — up over 12 per cent as compared to June. At Dh4.44 a litre, E-Plus 91 petrol rates have increased by over 12 per cent as well.

Since the UAE implemented fuel price deregulation in August 2015, prices crossed the Dh4-mark per litre for the first time in June.

Fuel prices are adjusted every month based on the fluctuations of the global crude price in the previous month. According to the UAE government, the country liberalised fuel prices to help rationalise consumption and encourage the use of public transport in the long run.

As a result of the increase in fuel prices, taxi fares in Dubai and Sharjah have gone up. Uber also hiked its rates, while bus users in Sharjah also reported an increase in fares.

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