Petrol and diesel prices for April 2023 will be announced either today or tomorrow by the UAE fuel price committee.

Since August 2015, when the government deregulated oil prices to keep them at par with global levels, retail petrol prices have been revised on the last day of the month.

Two consecutive months have seen an increase in petrol prices in the UAE. For the month of March, Super 98, Special 95 and E-Plus were priced at Dh3.09, Dh2.97 and Dh2.90 per litre, respectively.

The alignment of local petrol prices with international rates reduces the burden on the government in terms of subsidies. It also supports fuel retailers.

In the Emirates, petrol prices were 38 percent cheaper as of March 27, according to globalpetrolprices.com. Data showed the average global price of petrol was Dh4.83 on March 27 as compared to Dh2.97 in the UAE.

Because of low tax rates, petrol prices in the UAE are much cheaper than in the US and most Asian and European countries. In the UAE, only five per cent value-added tax (VAT) applies to consumers.

After the Russia-Ukraine war in June and July last year, UAE gasoline prices peaked at Dh4.63 per liter.