The UAE Fuel Price Committee recently announced the petrol and diesel rates for April 2024, set to go into effect at the start of the month. The adjustments include:
- Super 98: Dh3.15 per liter (up from Dh3.03 in March)
- Special 95: Dh3.03 per liter (compared to Dh2.92 last month)
- E-Plus 91: Dh2.96 per liter (up from Dh2.85 in March)
- Diesel: Dh3.09 per liter (decreased from Dh3.16 in the previous month)
Impact on Residents
With fuel prices soaring for the third consecutive month, UAE residents are facing challenges in managing their budgets. The April 2024 rates mark the highest in six months, putting a significant strain on consumers.
Individual Strategies to Cope
The approximately 3.9% increase in prices has led individuals like Faten Mohammed, a Syrian expat in Ajman, to adjust their routines. Faten anticipates nearly Dh500 in additional petrol expenses and has started taking shorter routes and traveling during off-peak times to save on fuel costs.
Global Trends Impacting Local Prices
The surge in fuel prices in the UAE mirrors global trends, with March seeing an average Brent price of around $84.25 per barrel. This increase is attributed to market tightness and growth projections by the International Energy Agency.
Economic Repercussions and Adaptive Strategies
The rise in fuel prices not only affects individual consumers but also has broader economic implications. Businesses reliant on transportation and energy may face higher operational expenses, potentially leading to price hikes for goods and services. This highlights the need for adaptive strategies at both individual and organizational levels.
