42 C
Thursday, July 25, 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.

Also Read

Abu Dhabi Finance Week 2023 Inaugurated by Khaled bin Mohamed bin Zayed

Abu Dhabi Unveils Comprehensive Air Quality Initiative to Address “Primary Environmental Challenge”

Related Articles

Alert Smart City: An Investment Opportunity to Revolutionize Crisis Communication in the Era of Climate Change

Leadership in Urban Resilience: The Journey of a Smart City in Crisis Communication Since its inception in 2019, Alert Smart City has been at the...

Srikanth Ravinutala and Adaapt AI : A Journey of Digital Transformation

Introduction Adaapt AI, led by Srikanth Ravinutala, is a pioneering AI-driven platform designed for digital transformation heads, enabling seamless adaptation to new technologies. By...

Explore the GCC’s Newest AI Innovation for Transforming Your Social Media Strategy!

Ardalan Zadehsoltan, founder and CEO of Unlock AI, launched the company to address social media management challenges faced by clients. With a background in...

Sreshta Farmer Producer Company Limited: Pioneering Technology-Driven Farming in Andhra Pradesh

Introduction to Sreshta Farms Sreshta Farmer Producer Company Limited (Sreshta Farms) was established in Kollipara, Andhra Pradesh, with the vision of creating a technology-driven agricultural...

Blockchain Life 2024 in Dubai Unveils First Speakers, Featuring Industry Leaders from Tether, Ledger, TON, Animoca Brands and More

Blockchain Life 2024 in Dubai Unveils First Speakers, Featuring Industry Leaders from Tether, Ledger, TON, Animoca Brands and More Blockchain Life 2024, one of the...

Latest Articles