UAE reveals the new fuel prices for March 2024
Recently, fuel distribution companies in the country have announced an increase in the prices of gasoline and its derivatives, effective today.
The price hikes range from 15 to 16 fils per litre for gasoline varieties such as "Super 98," "Special 95," and "E Plus 91." Additionally, the price of diesel has surged by 17 fils per litre compared to February, all of which includes a 5% value-added tax. These adjustments have been approved by the Committee for Monitoring the Prices of Various Types of Fuel.
Specifically, the price per litre of "Super 98" gasoline has risen from 2.88 dirhams to 3.03 dirhams, marking a 15 fils increase. Similarly, "Special 95" gasoline has experienced an increase from 2.76 dirhams to 2.92 dirhams per litre, reflecting a 16 fils hike. Meanwhile, the price of E-Plus 91 gasoline has climbed from 2.69 dirhams to 2.85 dirhams per litre, indicating a 16 fils increase.
Diesel prices have also seen a notable surge, jumping from 2.99 dirhams per litre in February to 3.16 dirhams in March, representing a rise of 17 fils. These adjustments in fuel prices come as the Ministry of Energy and Infrastructure sets standards monthly based on the average global oil price, incorporating operational costs. These adjustments are made irrespective of whether oil prices are trending upward or downward.
It is critical to think about the bigger-picture effects of these rises in fuel prices. They might have an effect on a number of economic sectors, such as consumer products, manufacturing, and transportation. Businesses may incur greater production costs as a result of rising fuel prices, which they may then pass along to customers in the form of higher prices for goods and services. Moreover, transportation expenses might increase, which would have an impact on people and companies that depend on cars for everyday operations.
Moreover, the recent fuel price increases signal adjustments in response to global market dynamics and operational costs. While these adjustments may pose challenges for consumers and businesses alike, they are reflective of the broader economic landscape and the need to balance various factors in the energy sector. As such, stakeholders across sectors will need to adapt to these changes and navigate potential impacts on their operations and finances.
