October follows the trail with a constant pattern observed in the last few months. The committee slashed UAE fuel prices for the month of October. In accordance with the decline in international rates, the UAE cut retail fuel prices on Friday by 38 fils per litre for the month of October. The UAE has reduced retail fuel prices for the third month in a row. Prices reduction in September was about 62 fils per litre.
UAE Announced Fuel Prices For October
The announcement came on 1 October 2022. The committee released the final fuel pricing with a drop observed in it. The price chart aligns local fuel pricing with international prices.
أسعار الوقود الشهرية: أسعار الوقود لشهر أكتوبر 2022 وفقاً للجنة متابعة أسعار الجازولين والديزل في #الإمارات
— Emarat (امارات) (@EmaratOfficial) September 30, 2022
The country slashed rates for two straight months after energy prices dropped as a result of worries about a recession. Authorities have released the most recent fuel prices on the last day of every month ever since the UAE declared deregulation in 2015. For the past three months, this practice has been ongoing. Previously, the committee would reveal the cost of fuel during the last week of each month.
Retail Fuel Consumption Increases Due To Price Drop
Since the UAE introduced deregulation in 2015, retail fuel prices have never been Dh4 per litre. They reached a record high of Dh4.63 per litre in July 2022.
According to globalpetrolprices.com, the UAE had lower retail fuel costs as of October 1 than the majority of other nations. This includes numerous oil-producing nations like Norway.
According to the data, the price of gasoline was significantly more expensive globally than in the UAE. The average price of $1.27 per litre is standard.
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