The UAE has witnessed an astronomical rise in petrol prices since the start of 2022, as has the rest of the world.
For the first time in seven years, petrol prices crossed the Dhs4 per litre mark since the fuel price deregulation in August 2015.
Per Emarat petrol rates, petrol prices have risen by over 74 per cent since January.
The new petrol rates for July were published by Emarat last week. The prices for 98 Super is now 11.5 per cent more at Dhs4.63 per litre rising from Dhs2.65 per litre; 95 Special has increased by 12 per cent and is now at Dhs4.52 per litre; Diesel is now Dhs4.76 per litre and 91 E-Plus now costs Dhs4.44 per litre.
أسعار الوقود الشهرية: أسعار الوقود لشهر يوليو 2022 وفقاً للجنة متابعة أسعار الجازولين والديزل في #الإمارات
— Emarat (امارات) (@EmaratOfficial) June 30, 2022
Due to the Russia-Ukraine crisis, global oil markets have experienced an overall price hike, leading to UAE residents feeling the ripple effect.
The knock-on effect
The rising petrol prices are also having a knock-on effect on big businesses too.
Last week, ride-hailing company, Uber Technologies Inc. announced price increases, announcing customers would now be charged as much as 11 per cent more for certain trips.
With global petrol and diesel prices continuing to reach soaring highs, many parts of the UAE including Sharjah have seen a hike in taxi fares.
To keep the low-income citizens in mind, the new allowance will provide a monthly subsidy of 85 percent of the fuel price increase over Dhs2.1 per litre, as reported by WAM.
Per the latest fuel subsidy scheme, the head of these families will receive a subsidy of 300 litres, while working wives will receive a subsidy of 200 litres. The announcement came as part of the UAE president’s directive to restructure its social welfare programme for low-income Emiratis, doubling its size to Dhs28 billion.
Despite the increase in prices, the UAE continues to be the third-biggest OPEC producer followed by Kuwait.
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Media: Twitter, Feature Image: Instagram @clairerose