DMEA: UAE’s retail fuel consumption up

The UAE is seeing retail fuel consumption grow on the back of improvements in the economy, but without returning to the level that prevailed before the coronavirus (COVID-19) pandemic, according to Saif Humaid Al Falasi, the group CEO of Emirates National Oil Co. (ENOC).

Speaking to Khaleej Times on the sidelines of an industry conference, Al Falasi noted that Emirati fuel markets had not yet fully recovered from the blows sustained in 2020. “The fuel consumption has not reached the pre-pandemic level and it is still down by around 15% … Retail fuel is also coming up slowly but is still 10-15% below the pre-pandemic level,” he said.

He was speaking after the UAE’s central bank released data showing that the country’s economy had expanded by 8.2% in the first quarter of 2022. Dubai alone reported economic growth of 5.9% in the January-March period, according to central bank data.