After fuel prices reaching an all-time high in the UAE last month, last night, the official fuel price committee has announced the new petrol and diesel prices for the month of August and they’ve finally gone down.
Typically, the UAE’s fuel price committee announces the prices for the month in the last week but for the last two months, it has been on the last day.
Fuel prices August 2022
- Super 98 is now AED 4.03 per litre compared to AED 4.63 last month.
- Special 95 is now AED 3.92 per litre compared to AED 4.52 last month.
- E-Plus is now AED 3.84 per litre compared to AED 4.44 last month.
- Diesel is now AED 4.14 per litre compared to AED 4.76 last month.
Residents on Twitter responded to the reduced prices will make a huge difference by stating that they finally have some breathing room now. For the last two months, fuel prices have been increased due to the global surge in oil prices mainly due to the Ukraine-Russia situation.
Since the start of the year, fuel prices have increased by over 74% and back in June, the prices exceeded AED 4 per litre for the first time in UAE history which forced ride share service, Uber to increase the cost of their services in order to help their drivers continue to have sustainable earnings.
While the UAE currently has the highest prices in the GCC region, it is still much lower than the global average fuel cost.
According to Global Petrol Prices, The average price of gasoline around the world in July was AED 5.18 per litre and in the UAE, the average price was AED 4.52. The most expensive place to fill your car up at the moment is Hong Kong where it costs AED 10.95 per litre.
Globally, oil prices have been remained above $100 per barrel.