UAE slashes petrol, diesel prices for January 2024

It’s good news for road users as the UAE has announced across-the-board cuts in retail fuel prices for the month of January 2024.

From January 1, Super 98 petrol will cost Dh2.82 per litre, compared to Dh2.96 in December, while special 95 petrol will cost Dh2.71 per litre, compared to Dh2.85 last month. E-Plus 91 petrol will cost Dh2.64 a litre, compared to Dh2.77 per litre in December. Meanwhile, diesel will be charged at Dh3 per litre compared to Dh3.19 last month.

This is according to the latest announcement by Emarat.

أسعار الوقود الشهرية: أسعار الوقود لشهر يناير2024 وفقاً للجنة متابعة أسعار الجازولين والديزل في #الإمارات⁰⁰⛽ Monthly Fuel Price Announcement:⁰January 2024 fuel prices released by the #UAE Fuel Price Follow-up Committee. pic.twitter.com/OcYT7DrNCH

— Emarat (امارات) (@EmaratOfficial) December 31, 2023

This is the second straight month in a row that fuel prices have fallen in the UAE, signalling a promising economic start to 2024 for consumers.

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.

The UAE’s fuel price committee meets every month to decide whether prices will increase or decrease.

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 crude on Friday, the last trading day of the year, settled at $77.04 a barrel, down $0.11 or 0.14 per cent while West Texas Intermediate crude settled at $71.65 a barrel, down $0.12 or 0.17 per cent.

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.

Read: 4 charts show UAE petrol price changes in 2023