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Monday, March 4, 2024

UAE to Release December Petrol Prices Amid Global Oil Price Decline

The UAE’s Fuel Price Committee is set to unveil retail petrol and diesel prices for December, responding to a decline in global prices throughout November.

November Price Reductions

In November, the UAE responded to four consecutive months of increases by reducing local petrol and diesel prices by 41 fils per litre. Super 98 experienced a 11.9% decrease to Dh3.03, Special 95 rates were cut by 12.3% to Dh2.92, and the E-plus price saw a reduction of 12.57% to Dh2.85. Diesel prices were lowered by 15 fils to Dh3.42 per litre.

Monthly Adjustments Since 2015: Petrol Prices 

Since the deregulation of oil prices in 2015, the UAE has been adjusting retail petrol prices at the end of each month to stay in line with global rates.

Global Oil Market Trends-* in November

In November, global oil prices faced downward pressure, dropping below $75 a barrel mid-month due to concerns about sluggish global economic growth, especially in China, and strong non-OPEC oil supply.

November 29th Figures

As of November 29, WTI was trading at $76.5 a barrel, marking a nearly 7% decline from October 29. Brent also experienced a 5.4% decrease in the past month, trading at $86.35 a barrel on November 29.

Market Rebound and OPEC+ Speculation: Petrol Prices 

Despite the decline, global oil prices rebounded by two percent on Tuesday amid speculation that OPEC+ might extend or deepen supply cuts.

Outlook for December

Considering the November trend in global oil prices, local retail rates may be revised downward for the second consecutive month. However, the final decision will be announced tomorrow.

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