UAE fuel prices drop by 34% in 3 months; some residents to save up to Dh1,300 on petrol in October

People say they plan to go to the office and opt for other outdoor activities more often now as compared to July



File photo
File photo
by

Waheed Abbas

Published: Sun 2 Oct 2022, 2:37 PM

Last updated: Sun 2 Oct 2022, 6:24 PM

Retail fuel prices in the UAE have dropped by more than one-third from their peaks in the past three months, resulting in more than Dh1,300 in monthly savings for some motorists.

The UAE residents say that they plan to go to the office and opt for other outdoor activities more often now as compared to July when fuel prices were at the highest in the country’s history.

The UAE fuel price committee announced prices for October on Friday, pricing Super 98 at Dh3.03 per litre price, Special 95 at Dh2.92 and E-Plus at Dh2.85 as compared to Dh4.63 for Super 98, Dh4.52 for Special 95 and Dh4.44 for E-Plus. The prices in October are cheaper by 34.55 per cent, 35.4 per cent and 35.8 per cent, respectively, from their peaks in July 2022.

Since the UAE announced the deregulation of local oil prices in August 2015, the fuel price committee announces new rates at the end of every month. The decision to bring local fuel prices in line with global rates was taken to achieve a balance between economic and social development and to provide a high quality of life for the residents and future generations.

Hassan Shaukat, a long-time UAE resident, travels from Deira to Jebel Ali and other neighbouring states, for his business meetings daily.

“It used to cost over Dh300 to fill my car’s tank in July when fuel prices were peaking. I spent around Dh5,000 in fuel costs in July to drive around Dubai and neighbouring emirates. But I estimate after the reduction in fuel prices for October, now my car’s monthly fuel bill is likely to drop by one-third this month to Dh3,300,” he said.

Shaukat suggested that it’s important to keep the fuel rates low in order to maintain the inflation rate low in the country.

Salam S., a public relations executive, had opted to work from home more often in July amidst high oil prices and also began to order groceries for home delivery more often.

“I used to spend up to Dh350 every week to fill my car’s tank and went to the office only twice a week in July. For groceries, I started to place orders for home deliveries instead of going in my car and purchasing from the hypermarkets when fuel rates were at the highest three months ago,” she said.

But as the fuel prices have been drastically reduced in the past three months, Salam and other residents are increasingly opting to go out more often to the office and for other outdoor activities.

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