UAE announces 10% petrol price increase for February 2023

The UAE fuel price committee on January 31 announced petrol and diesel prices for the month of February 2023.

Starting February 1, Super 98 petrol will cost Dh3.05 a litre, compared to Dh2.78 in January.

Special 95 petrol will cost Dh2.93 per litre, compared to Dh2.67 in January.

E-Plus 91 petrol will cost Dh2.86 a litre, compared to Dh2.59 a litre last month.

Diesel will be charged at Dh3.38 a litre compared to Dh3.29 in January.

The committee increased the rates by up to 27 fils per litre after they decreased prices by up to 52 fils per litre in January.

From tomorrow, getting a full tank of petrol will cost you between Dh13.77 and Dh22.32 more than it did in January.

As soon as the higher prices were released, many drivers trooped to petrol stations to tank up their cars. Residents said they were glad the announcement came in the afternoon, giving them enough time to fuel up.

Petrol prices in UAE

In response to the COVID-19 pandemic, the Fuel Price Committee (FPC) froze petrol prices in the UAE in 2020. However, these controls were lifted in March 2021 to reflect the upward trend in global oil prices.

Authorities in the UAE set the prices for petrol and they typically follow the movements in the global oil market. Recently, oil prices have remained elevated, with Brent crude oil – which accounts for around two-thirds of the world’s oil supply – mostly hovering above $80 per barrel.

The Organisation of Petroleum Exporting Countries (OPEC), a group of the world’s leading oil producers, has continued to implement its plan to reduce production, and there are no indications of a change in strategy.