Motorists, Pay Attention!
Penny Realty Real Estate is the biggest real estate that brings you the latest news regarding an expected surge in petrol prices in UAE. Our listings and blog posts are up-to-date with global price trends and market dynamics regarding the sale and purchase of real estate in Dubai.
Petrol prices in UAE are set to surge next week, owing to a change in Crude Oil prices which have increased gradually over time. The news broke when a fuel price committee was scheduled to meet to discuss the fate of fuel prices in UAE for the coming week. These meetings are held monthly with the primary motive for organizing such discussion sessions is to ensure that petrol prices in UAE are in line with the global price trends in the fuel industry.
Brent Crude prices have gradually increased over time since July. The price per barrel changed from $74.65 to an amount of $82.75 per barrel. On the contrary, similar trends were followed by West Texas Intermediate starting fuel price was $69.79 which increased to $78.74 per barrel. On the positive side, Penny Realty Real Estate brings you the great news that a similar average increase trend will be followed in furl price in UAE increases, just to meet global trends.
Current Petrol Prices in UAE
The current fuel price in UAE is trending between AED 2.5 per liter to AED 3 per liter which varies depending upon the type of Fuel and the mileage it gives. Some of the fuel prices are as mentioned below that were recorded in June.
- E-Plus 91 petrol is now AED 2.81 per litre which was initially AED 2.76 per litre in June.
- Special 95 petrol is now AED 2.89 per litre which was initially AED 2.84 per litre in June.
- Super 98 petrol is now AED 3 per litre which was initially AED 2.95 per litre in June.
- Diesel is now AED 2.76 per litre which was initially AED 2.68 per litre in June.
Changing global petrol price trends and an increase in crude oil prices led to an all-time high in Super 98 Fuel prices to AED 4.63 per liter in July 2022. Following the drastic increase in prices, there was a drop in fuel prices in UAE in August, September, and the month of October. Later on, the fuel prices in UAE spiked in November following a decrease in fuel prices in UAE in December of the year 2022.
The Spike in Petrol Prices in UAE in November 2022.
- The fuel price for Super 98 petrol spiked to AED 3.32 per liter.
- The fuel price for Special 95 petrol increased to AED 3.20 per liter.
- The fuel price for E-Plus 91 petrol spiked to AED 3.13 per liter.
- Lastly, the fuel price for Diesel spiked to AED 4.01 per litre which was an extremely high price for the year.
Slight Decrease in Petrol Prices in UAE following a Spike in November’2022
- There was a slight drop in the fuel price of Super 98 petrol to AED 3.30 from AED 3.32 per liter.
- Special 95 petrol dropped from AED 3.20 to AED 3.18 per liter.
- E-Plus 91 petrol dropped from AED 3.13 to AED 3.11 per liter.
- Diesel dropped from AED 4.01 to AED 3.74 per liter facing the most drop as compared to the rest of the fuel types which dropped by an average of AED 0.02 per liter.
Changing Global Price Trends in the First Quarter of the Year 2023
- In the First Quarter Q1, the fuel prices for Super 98 petrol increased from AED 2.78 to AED 3.05 to AED 3.09.
- The changes in fuel prices from AED 2.67 for Special 95 petrol were seen to increase to AED 2.93 in February and Rose to AED 2.97 in March.
- On the other hand, the prices for E-Plus 91 petrol rose from AED 2.59 to AED 2.86 in February and then to AED 2.90 in March.
- Meanwhile, the increase in diesel prices for the first quarter was not following the trends where an increase in prices from AED 3.29 to AED 3.38 in February followed a drop in March to AED 3.14
The changes in fuel prices are often connected to real estate prices, and currency appreciation and affect the general economic trends of countries. Penny Realty Real Estate is the most trusted real estate in Dubai and the biggest real estate in Dubai with respect to property listings and the latest real estate news. The Fuel Price situation in UAE has been very decent owing to the popularity of real estate in Dubai.
Changing Global Price Trends in the Second Quarter of the Year 2023
- In the Second Quarter Q2, the fuel prices for Super 98 petrol increased from AED 3.01 in April to AED 3.16 in May and then dropped to AED 2.95 in June.
- The changes in fuel prices from AED 2.90 in April for Special 95 petrol were seen to increase to AED 3.05 in May and dropped to AED 2.85 in June.
- On the other hand, the prices for E-Plus 91 petrol rose from AED 2.82 in April to AED 2.97 in May and then dropped to AED 2.76 in June.
- Meanwhile, the increase in diesel prices for the first quarter was not following the trends where an increase in prices from AED 3.03 to AED 2.91 in May was followed by a drop in June to AED 2.68.
Forecast for Petrol Prices in UAE for July/ August 2023
The fuel prices for each kind of fuel will be as follows:
- Super 98 Petrol is expected to rise from AED 2.95 to AED 3.0 per liter.
- Special 95 petrol is expected to increase from AED 2.85 to AED 2.89 per liter.
- E-Plus 91 petrol is expected to increase from AED 2.76 to AED 2.81 per liter.
- Diesel is expected to increase from AED 2.68 to AED 2.76 per liter.
Fuel prices in UAE have been globalized to align local oil prices with global price trends.
The alignment and liberalization took place in the year 2015 to ensure that fuel price trends remain in line with that of the world. Therefore, in order to maintain the trends and ensure price change alignment the fuel price committee has held meetings every month to revise fuel prices in UAE for the past seven years. On the contrary, these measures will serve as benchmarks for residents to make use of public transport more to promote public transport, save costs and incentivize alternative fuel consumption.
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