UAE to announce petrol, diesel prices for December; will rates drop further?

Photo Illustration by Miguel Villagran/ Getty Images

The UAE fuel price committee is set to announce petrol and diesel prices for the month of December 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 by as much as 0.41 fils per litre in November from the previous month, after prices had surged for four consecutive months.

For the month of November, a litre of Super 98, Special 95 and E-Plus were priced at Dhs3.03, Dhs2.92 and Dhs2.85, respectively.

The price of diesel also dropped by 15 fils to Dhs3.42 in November compared to Dhs3.57 the previous month.

Global oil prices dropped on Monday, with the Brent benchmark dipping below $80 a barrel as investors awaited this week for a meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, also known as OPEC+, and the expected production and supplies curbs next year.

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 January settlement dropped by 60 cents or 0.7 per cent to settle at $80.27 per barrel, as at 12:16 pm GST on November 28.

Meanwhile, the Israel-Gaza conflict had impacted oil prices as investors worried about impacts on supply. However, Qatar said on Monday that a truce between the two sides had been extended by two days, continuing a pause in seven weeks of warfare.

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

Read: UAE announces fuel prices for November 2023