This is how UAE fuel prices have fared in the last 14 months

Will UAE drivers pay more at the petrol pump come 1 April?

This is a question that many in the Emirates will be asking ahead of the UAE Fuel Price Committee’s announcement of its latest fuel price changes on Sunday, 31 March. 

READ MORE: UAE to announce fuel prices for April 2024: Will petrol, diesel rates increase?

Around the world, oil prices have been on the rise, creating a stubborn headwind for central banks across the globe that are looking to taper down interest rates from their multi-year highs. 

Prices for Brent Crude are up nearly 11 per cent this year, while the WTI (West Texas Intermediate) has risen over 12 per cent. Challenges in the Red Sea as well oil output cuts from the likes of OPEC+, including Russia, have also provided upward pressure on prices this year.

In the UAE, fuel prices have steadily risen month-on-month for Special 95, Super 98 and EPlus 91 in 2024 thus far. After a slight fall in prices in February, diesel prices also rose again in March.

These four charts below illustrate how the changes in fuel prices in the UAE since January 2023. One key insight from the data is that prices have only marginally decreased year-on-year.

For example, in March 2023, the per litre price for Special 95 was set at Dhs2.97 while for March 2024, it was Dhs 2.92. Similar trends are observable with Super 98 (Dhs3.09 in March 2023 versus Dhs3.03 in March 2024), and EPlus 91 (Dhs2.90 in March 2023 versus Dhs2.85 in March 2024).

Conversely, diesel has increased slightly year-on-year, from Dhs3.14 in March 2023 to Dhs3.16 in March 2024.

Here are four charts that illustrate the trends over the last 14 months.