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UAE to announce petrol and diesel prices for January; Will rates go down in 2024?

The UAE fuel prices committee will soon announce the prices of petrol and diesel for the month of January.

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

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

During the month of December, the retail price of Super 98, Special 95 and E-Plus fell by as much as 0.7 fils to Dh2.96, Dh2.85 and Dh2.77 respectively.

The price of diesel also fell by 0.23 fils to 3.19 dirhams in December, compared to 3.42 fils in the previous month.

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

He 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 $0.03 or 00.6 per cent to settle at $81.12 per barrel, at 11:09 am GST on December 27.

Meanwhile, the conflict between Israel and Gaza had impacted oil prices, as investors worried about impacts on supply. However, despite attacks by Yemen’s Houthi rebels, major shipping companies 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 oil prices remains any escalation of the Israel-Gaza conflict to other regional powers.

Petrol and diesel prices in the United Arab Emirates in 2023

Month Super 98 special 95 EPlus 91 Diesel
January 2.78 2.67 2.59 3.29
February 3.05 2.93 2.86 3.38
March 3.09 2.97 2.90 3.14
April 3.01 2.90 2.82 3.03
Can 3.16 3.05 2.79 2.91
June 2.95 2.84 2.76 2.68
July 3.00 2.89 2.81 2.76
August 3.14 3.02 2.95 2.95
September 3.42 3.31 3.23 3.40
October 3.44 3.33 3.26 3.57
November 3.03 2.92 2.85 3.42
December 2.96 2.85 2.77 3.19

News source: Gulf Business

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