Retail price of petrol in UAE hiked by 10% with effect from April 1

The Ministry of Energy of the UAE government has announced an increase of 10% in the retail price of petrol with effect from April 1, 2016. This is the first such hike happening during the past eight months since the oil subsidies have been removed in the country.

In line with the deregulation of fuel prices announced in July 2015 and implemented with effect from August 2015, the Ministry now announces the prices for the next month on the 28th of the preceding month.

As the UAE households spend an average of 11% of their budget on transportation, this hike in petrol prices will have noticeable impact on the wallets of consumers. Furthermore, the parking fees in the country is also set to double in May or June this year.