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Global oil prices have fallen about 30% since June
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Motorists in the UAE may have to pay less for petrol next month as oil prices have fallen so far this month on fears of a recession and a drop in demand from surging Covid cases in China.
On average, car owners paid 20 per cent more for petrol in December than at the start of the year, when they paid AED2.65 per liter for Super 98, AED2.53 for Special 95 and AED2.53 for E-Plus in January. 91 Paid AED 2.46 per liter.
“Motors may breathe a sigh of relief when the UAE Fuel Price Council announces January rates next week,” according to a UAE-based energy expert.
The Ministry of Energy adjusts fuel prices in the UAE in the last week of each month. Fuel prices have been liberalized to help rationalize consumption, encourage the use of public transport in the long run, and encourage the use of alternatives, according to government officials.
Referring to the latest report, another expert said that this year’s average oil price of around $97 a barrel would be good for consumers, adding that next year oil prices will hover between $85 and $95 a barrel, or a 5-per-barrel decline. $7.
Global oil prices have fallen about 30% since June as China’s strict coronavirus restrictions dampened demand and some of the world’s major economies signaled a recession.
International benchmark Brent and West Texas Intermediate (WTI) crude futures were both near one-year lows in December. Brent crude is hovering around $80 – its lowest level since January, while WTI is trading around $75 a barrel, a level last reached in December 2021.
At 7:00 p.m. on Wednesday, Brent crude oil and WTI crude oil prices rose 2.19% to $81.74 and $77.88 a barrel, respectively.
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