UAE to raise petrol prices in April 2024.

As the UAE announces an increase in petrol prices for April 2024, many residents and businesses are concerned about the impact on their wallets. However, it is important to understand the reasons behind the price adjustments and how they are determined.

The UAE's Ministry of EnergySince August 2015, the UAE's Ministry of Energy has been setting fuel prices based on average global prices. This means that the price of petrol in the UAE is directly linked to fluctuations in the global market. While this may result in occasional increases like the one announced for April 2024, it also ensures that prices remain competitive and in line with international standards.

For April 2024, the price of Super 98 will increase from Dhs3.03 per liter to Dhs3.15 per liter. Similarly, Special 95 will see a price adjustment from Dhs2.92 to Dhs3.03 per liter. On the other hand, the price of Diesel will decrease slightly from Dhs3.16 per liter to Dhs3.09 per liter.

Notably, these prices include the five percent VAT, which adds to the overall cost for consumers. However, the Ministry of Energy is committed to ensuring transparency in the pricing mechanism and providing accurate information to the public.

Looking back at fuel prices over the past year, we can see that there have been fluctuations based on global market trends. From January 2023 to April 2024, the prices for Super 98 varied from Dhs2.78 to Dhs3.44 per litre. These changes reflect the dynamic nature of the oil market and the need to adjust prices accordingly.

While increasing petrol prices may be challenging for consumers, it is essential to remember that the UAE government is committed to maintaining stability and competitiveness in the fuel sector. By basing prices on global averages, the Ministry of Energy is able to ensure that consumers are not exposed to sudden spikes in prices due to international factors.

As we navigate these price adjustments, individuals and businesses need to factor the new fuel prices into their budgets and transportation costs. Planning ahead and making informed decisions will help mitigate the impact of the price changes on daily expenses.