The UAE announced February prices for gasoline and diesel fuel.
The United Arab Emirates Fuel Price Committee announced prices for gasoline and diesel for February 2023 on January 31.
Starting Feb. 1, Super 98 gasoline will cost AED 3.05 per liter, up from AED 2.78 in January. Special 95 gasoline will cost drivers AED 2.93 per liter compared to AED 2.67 in January.
E-Plus 91 gasoline, meanwhile, will cost AED 2.86 per liter compared to AED 2.59 per liter in January. Diesel fuel will cost AED 3.38 per liter compared to AED 3.29 in January.
The price of gasoline is affected by the global rise in crude oil prices, which have been ongoing since early 2022. OPEC recently released forecasts that global oil demand will continue to rise over the next 10 years.
The group’s World Oil Outlook report notes that global oil consumption will reach 109.5 million barrels per day in 2035 and will remain at that level for another decade.
Recall that in November 2022, the Government of the United Arab Emirates banned retailers from raising prices on nine basic essential products without the approval of the Ministry of Economy.
The products include cooking oils, eggs, dairy products, rice, sugar, poultry, pulses, bread and wheat. It is specified that the list may be supplemented as prices rise.
The new policy is aimed at creating fair mechanisms and effective procedures for regulating relations between suppliers of goods, retail outlets and consumers.