The prices of petrol and diesel in the UAE will drop next month, it has been announced.
Prices increased in September and October, then fell in November, reflecting the trend in the global oil market.
How much will fuel cost in December?
The breakdown in fuel price per litre for December is as follows:
• Super 98: Dh2.96, from Dh3.03 in November (down by 2.3 per cent)
• Special 95: Dh2.85, from Dh2.92 in November (drop of 2.4 per cent)
• Diesel: Dh3.19, from Dh3.42 in November (down by 6.7 per cent)
• E-plus 91: Dh2.77, from Dh2.85 in November (decline of 2.8 per cent)
The UAE liberalised fuel prices in 2015 to allow them to move in line with the market. In 2020, prices were frozen by the fuel price committee after the start of the coronavirus pandemic.
The controls were removed in March 2021 to reflect the movement of the market once again.
Oil prices, which surged to about $98 in September, are on track for a back-to-back monthly loss amid expectations of a tight crude market in the fourth quarter.
But higher oil production in Iran and the easing of sanctions on Venezuela could ease supply concerns next year.
Brent crude is trading 1.36 per cent up at $84.23 a barrel on Thursday. West Texas Intermediate, the gauge that tracks US crude, iss trading 1.18 per cent higher at $78.78 a barrel.
Opec+ is holding its ministerial meeting on November 30. The meeting is expected to chart the course of crude output cuts next year and discuss any possible changes to the group's long-standing agreement aimed at stabilising the oil market.
Last month, Opec stuck to its forecast for oil demand growth for 2023 and 2024 and said it expected the global economy to grow at a faster pace this year.
World oil demand will rise by 2.25 million barrels per day in 2024, compared with a growth of 2.44 million bpd this year, the group said in its monthly oil market report.
Meanwhile, the US Federal Reserve will proceed carefully and only raise interest rates if progress in controlling inflation is hampered, the minutes of the central bank's latest meeting showed last week.
"All participants agreed that the committee was in a position to proceed carefully and that policy decisions at every meeting would continue to be based on the totality of incoming information and its implications for the economic outlook, as well as the balance of risks," the minutes said.
The Fed left interest rates unchanged at 5.25 per cent to 5.50 per cent following the conclusion of its October 31 to November 1 meeting. It was the second consecutive meeting in which rates were held steady.
'Worse than a prison sentence'
Marie Byrne, a counsellor who volunteers at the UAE government's mental health crisis helpline, said the ordeal the crew had been through would take time to overcome.
“It was worse than a prison sentence, where at least someone can deal with a set amount of time incarcerated," she said.
“They were living in perpetual mystery as to how their futures would pan out, and what that would be.
“Because of coronavirus, the world is very different now to the one they left, that will also have an impact.
“It will not fully register until they are on dry land. Some have not seen their young children grow up while others will have to rebuild relationships.
“It will be a challenge mentally, and to find other work to support their families as they have been out of circulation for so long. Hopefully they will get the care they need when they get home.”
RESULT
Manchester City 1 Sheffield United 0
Man City: Jesus (9')
Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
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Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
ORDER OF PLAY ON SHOW COURTS
Centre Court - 4pm (UAE)
Gael Monfils (15) v Kyle Edmund
Karolina Pliskova (3) v Magdalena Rybarikova
Dusan Lajovic v Roger Federer (3)
Court 1 - 4pm
Adam Pavlasek v Novak Djokovic (2)
Dominic Thiem (8) v Gilles Simon
Angelique Kerber (1) v Kirsten Flipkens
Court 2 - 2.30pm
Grigor Dimitrov (13) v Marcos Baghdatis
Agnieszka Radwanska (9) v Christina McHale
Milos Raonic (6) v Mikhail Youzhny
Tsvetana Pironkova v Caroline Wozniacki (5)
