The cost of petrol across the UAE will fall in December, it has been announced.
Earlier this year, prices reached their highest level since they were liberalised in 2015 to allow them to move in line with the market.
Having dropped from a high of Dh4.52 per litre for Special 95 in July, they rose again in November against a backdrop of rising global oil prices.
The breakdown in price per litre for December is as follows:
• Super 98: Dh3.30 — from Dh3.32 in November
• Special 95: Dh3.18 — from Dh3.20 in November
• Diesel: Dh3.74 — from Dh4.01 in November
• E-plus 91: Dh3.11 — from Dh3.13 in November
In 2020, prices were frozen by the Fuel Price Committee after the onset of the coronavirus pandemic. The controls were removed in March 2021 to reflect the movement of the market.
Oil prices rose for a third day in a row on Wednesday after industry data pointed to a substantial draw in US crude stockpiles and investors counted down to an Opec+ meeting.
Brent crude rose by 2.02 per cent to $85.95 in afternoon trading, while US West Texas Intermediate crude climbed 2.16 per cent to $79.89.
Prices peaked at $129 per barrel in March, but have not closed above $100 since August.
The Opec+ group of oil-producing countries has reportedly changed its plans for its December 4 meeting, turning it into an online event.
This has “prompted speculation that no major decision will be taken and that output targets will be rolled over”, Emirates NBD said in a research note.
“Opec+ may include language suggesting that the meeting remains ‘open’, however, giving themselves leeway to intervene on short notice.”
In October, the group decided to reduce its collective output by two million barrels per day in response to a slowing global economy.
It has not ruled out the possibility of further production cuts as demand concerns continue to weigh on crude prices.
Prices are likely to rebound to $100 a barrel in the coming months, despite oil last week posting its seventh largest outflow since 2011, Swiss bank UBS reported.
Brent has lost about 14 per cent of its value since hitting $98 a barrel earlier this month amid concerns over fuel demand in China.