UAE to Announce Petrol, Diesel Prices for January; Will Rates Drop in 2024?

The UAE fuel price committee is set to announce petrol and diesel prices for the month of January soon.

The country has been revising retail petrol prices on the last day of the month ever since the government deregulated oil prices in August 2015 to bring them at par with the global rates.

The fuel price committee reduced the retail rates for Super 98, Special 95, and E-Plus 91 further in December from the previous month, after prices had soared for four consecutive months.

For the month of December, the retail price for Super 98, Special 95 and E-Plus dropped by as much as 0.7 fils to Dhs2.96, Dhs2.85 and Dhs2.77, respectively.

The price of diesel also dropped by 0.23 fils to Dhs3.19 in December compared to Dhs3.42 the previous month.

Global oil prices were little changed on Wednesday as investors monitored Red Sea developments, with some major shippers resuming passage through the area despite continued attacks and broader Middle East tensions.

The International Energy Agency said it expects a slight surplus in global oil markets in 2024 even if OPEC+ nations extend their cuts into next year.

Brent for February settlement rose by $0.03 or 00.6 per cent to settle at $81.12 per barrel, as at 11:09 am GST on December 27.

Meanwhile, the Israel-Gaza conflict had impacted oil prices as investors worried about impacts on supply. However, despite the attacks by Yemen’s Houthi rebels, major shipping firms such as Maersk and France’s CMA CGM have resumed passage through the Red Sea following the deployment of a multinational task force to the region.

The Middle East supplies about a third of the world’s oil and the biggest risk to crude prices remains any escalation of the Israel-Gaza conflict to other regional powers.

UAE petrol & diesel prices 2023

News Source: Gulf Business