Why are fuel prices in UAE fluctuating?

Fuel prices today are at their highest price ever since the government liberalised retail fuel prices in the UAE, increasing to more than Dh3 per litre during the month of March. The UAE liberalized fuel prices in August of 2015 aiming to rationalise fuel consumption and encourage the use of public transport in the long run, as well as incentivise the use of alternative fuels. The deregulation six years ago caused the drop from nearly Dh2.3 per litre to around Dh1.5 in the first few months as prices aligned with the global crude oil rates. Prices later recovered to the previous level. After the Covid-19 pandemic outbreak, the UAE's Ministry of Energy retained prices below Dh2 per litre to assist residents and consumers to cope with the challenges of the pandemic. The Ministry of Energy adjusts fuel prices based on the fluctuations of the global crude price in the previous month. Retail fuel prices are based on Platts global refined petroleum product price benchmarks including a regulated margin set by the UAE Ministry of Energy to compensate retailers for transportation costs and operating expenses. JMS/Expat Media
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