Petrol prices in the United Arab Emirates have risen by more than 74 per cent since January 2022 due to a rise in global crude oil prices, especially after the Russo-Ukraine war in February.
It is priced at Dh4.63 per litre in July, compared to Dh2.65 per litre in January for the Super 98 petrol. 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 compared to June. At Dh4.44 a litre, E-Plus 91 petrol rates have also increased by over 12 per cent.
Since the UAE deregulated fuel prices in August 2015, prices have crossed Dh4 per litre for the first time in June.
Fuel prices are adjusted every month based on the fluctuations in global crude oil prices over the past month. According to the UAE government, the country liberalized fuel prices to rationalize consumption and encourage the use of public transport in the long run.
The increase in fuel prices has increased taxi fares in Dubai and Sharjah. Uber also increased its rates, while bus users in Sharjah reported an increase in fares.