The United Arab Emirates (UAE) Fuel Price Committee has unveiled the petrol price UAE fuel retailers must follow for December 2023. All variants saw a decrease from the previous month’s rates.
For this month, Super 98 petrol costs $0.80 per liter, down from last month’s $0.82. Meanwhile, Special 95 is set at $0.77 per liter compared to November’s $0.79. Lastly, E-Plus 91 petrol is priced at $0.75 per liter, coming from $0.77 per liter charged in the preceding period.
Meanwhile, diesel prices have been adjusted to $0.87 per liter, marking a decrease from the $0.93 set in the previous month.
How petrol prices in the UAE changed in 2023
| Month | Super 98 | Special 95 | E-Plus 91 |
| January | $0.75 | $0.72 | $0.70 |
| February | $0.82 | $0.79 | $0.77 |
| March | $0.83 | $0.80 | $0.78 |
| April | $0.81 | $0.78 | $0.76 |
| May | $0.85 | $0.82 | $0.80 |
| June | $0.80 | $0.77 | $0.75 |
| July | $0.81 | $0.78 | $0.76 |
| August | $0.85 | $0.82 | $0.80 |
| September | $0.92 | $0.89 | $0.87 |
| October | $0.93 | $0.90 | $0.88 |
| November | $0.82 | $0.79 | $0.77 |
| December | $0.80 | $0.77 | $0.75 |
Read: UAE petrol prices 40 percent cheaper than the global average
How is the petrol price determined in the UAE
Since August 2015, it has been the Fuel Price Committee that determines both petrol and diesel prices. The undersecretary of the Ministry of Energy chairs the committee. Meanwhile, members include the undersecretary of the Ministry of Finance, the chief executive officer (CEO) of ADNOC Distribution and the CEO of Emirates National Oil Company (ENOC).
The committee refers to S&P Global Platts’s petroleum product benchmarks at the end of each month. Platts is a well-established provider of energy and commodities information with over a century of industry presence.
Then, they incorporate a margin to account for transportation and operational costs. Fuel retailers subsequently implement the finalized prices at the beginning of each month. This process ensures a comprehensive and fair pricing structure.
Upon the announcement of this development in 2015, Energy Minister Suhail Al Mazroui said: “The decision to deregulate fuel prices has been taken based on in-depth studies that fully demonstrate its long-term economic, social and environmental impact. The resolution is in line with the strategic vision of the UAE government in diversifying sources of income, strengthening the economy and increasing its competitiveness in addition to building a strong economy that is not dependent on government subsidies.
“This step will put the UAE on par with countries that follow sound economic methodologies. It is also anticipated to improve the UAE’s competitiveness while positioning the nation on international indices,” the minister added
Tips to save money on petrol
The petrol price in the UAE is generally lower than other countries, given that it’s an oil-producing nation. But if you want to save more money on fuel, here are some strategies.
Use public transportation
The UAE boasts a safe and efficient public transport system. To help reduce greenhouse emissions produced by vehicles, the government encourages the use of public transport. While doing your part in curbing emissions, you also get to save money in the process.
Stay informed about the prices
The committee discloses petrol prices monthly and ahead of time to help vehicle owners and drivers schedule their refueling more optimally. So, make sure you monitor announcements and plan your refueling strategy accordingly.
Plan your routes wisely
To reduce fuel consumption, plan your trips and take the most optimal route as much as possible. Also, if you can, do not drive during peak travel hours to avoid traffic congestion.
Practice good driving habits
Your fuel consumption also largely depends on how you drive. Avoid aggressively stepping on the gas and excessive idling to boost fuel efficiency. The key is to maintain steady speeds.
Switch to a more fuel-efficient vehicle
Choose a vehicle with great fuel efficiency. You may also want to consider investing in hybrid or electric cars to substantially reduce emissions. While these automobiles have larger upfront costs, they can save you money in the long run because of minimized or eliminated need for fuel. According to research, battery electric vehicles produce about 53 percent fewer emissions throughout their entire life cycles compared to their gas-powered counterparts.
Final thoughts
The Fuel Price Committee determines the petrol price in the UAE. With December 2023 prices already announced, you can better budget for your refueling needs for the month. In the long term, you can save on money by adopting good driving habits and planning routes wisely. For a grander move, you can consider switching to a more fuel-efficient vehicle like a hybrid or fully electric car.
For more news on markets, click here.
