FUEL PRICES CONTINUE TO SOAR AT RECORD PRICES

Oil and fuel prices have reached an all-time high this month with diesel rates peaking at AED 4.02 per liter in the United Arab Emirates. Prices for Special 95, Super 98 and E-Plus 91 are AED 3.62, AED 3.74, AED 3.55 per liter respectively.

Prices for fuel began to rise steadily since the beginning of February of 2022. In February, the rates stayed below the AED 3 mark with prices ranging from AED 2.88 to AED 2.94. Fuel prices are now experiencing a 16% increase in retail price across the UAE.

“The hike in price isn’t pleasant, that’s for sure. I am almost afraid to fill up the tank, even though I use my car to commute every day,” said Faris Syed, a Dubai university student.

This exponential and unprecedented hike in petrol pump prices is imitative of the global crude oil prices. One of the reasons for this predicament has been speculated to be the invasion of Russia in Ukraine, which in turn created a disbalance in the supply and demand ratio, since Russia is one of the major producers of gasoline on the global platform.

Therefore, this volatility has far-reaching effects across the world, even in the oil-dependent economy of UAE. Commuters from every walk of life have been affected by this rise in price.

Mufaddal Tohfafarosh, a Dubai resident, expresses the difficulties this has caused in his daily routine by saying, “I can’t take my family out as often as I used to because the fuel would cost more than the bill at the restaurant.”

Some residents look at these circumstances as beneficial for the environment as this encourages use of public transport and a decline in the use of private transport.

Fuel prices are estimated to rise further in the upcoming months, according to economists.

Regular updates of the prices can be accessed at https://www.adnocdistribution.ae/ .