UAE Increases Fuel Prices By Up to 15% for September
The United Arab Emirates (UAE) has updated its petrol and diesel prices for September, continuing the trend from August with yet another increase.
Over the past year, fuel prices in the UAE have been up and down, but they are currently higher compared to the same time last year.
Here are the new petrol and diesel prices starting from 1 September 2023:
Fuel Type Price in August (AED) Price in September (AED) Percentage Increase (%)
Special 95 3.02 3.31 9.6%
Super 98 3.14 3.42 8.9%
E-Plus 2.95 3.23 9.5%
Diesel 2.95 3.40 15.3%
How UAE Determines Fuel Prices
Before 2015, the UAE government regulated fuel prices and kept them constant for long periods of time. This implied that prices did not fluctuate with market rates or production costs.
The UAE government removed fuel price controls in 2015, which meant that the prices were now set by the market and could change based on factors such as global oil prices, supply and demand, and other economic factors.
The UAE government, however, decided to regulate fuel prices once more in 2020 at the beginning of the COVID-19 pandemic in order to help residents and businesses impacted by the pandemic.
The UAE decided to deregulate fuel prices once again in March 2021, allowing them to be set by market forces.
Source: Pro Pakistani