Fuel prices in the Emirates will be revised in December, reflecting trends in the global oil market, it has been announced.
Prices of petrol will decrease, while diesel will be costlier, state news agency Wam reported on Saturday, quoting the UAE fuel price committee.
How much will fuel cost in December 2024?
The breakdown of fuel prices per litre for December is as follows:
• Super 98: Dh2.61 from Dh2.74 in November (down by 4.7 per cent)
• Special 95: Dh2.50 from Dh2.63 in November (down by 4.9 per cent)
• Diesel: Dh2.68 from Dh2.67 in November (up by 0.37 per cent)
• E-plus 91: Dh2.43 from Dh2.55 in November (down by 4.7 per cent)
Fuel prices in the UAE are closely tied to movements in the global oil market, which has experienced significant fluctuations this year. Geopolitical uncertainties, shifting supply dynamics and concern about slowing economic growth have all contributed to the volatility in oil prices.
The UAE deregulated fuel prices in 2015, aligning them with market fluctuations.
Brent, the benchmark for two-thirds of the world’s oil, fell 0.46 per cent to $72.94 a barrel on Friday, while West Texas Intermediate, the gauge that tracks US crude, settled down 1.05 per cent to $68 a barrel.
Brent crude has shed nearly 20 per cent of its value since peaking at $91 per barrel in April, driven by sluggish demand from China and an increase in supply from non-Opec+ producers. The International Energy Agency predicts the oil market could record a surplus of one million barrels per day in 2025.
The Opec+ alliance, comprising major oil producers such as Saudi Arabia and Russia, announced on Thursday that it has rescheduled its meeting from Sunday to December 5. The decision was attributed to several ministers attending the Gulf Summit in Kuwait.
The alliance, which is currently cutting oil production by 5.86 million barrels per day, is expected to discuss further postponing its plans to increase output. Opec+ has already delayed easing voluntary production cuts of 2.2 million barrels per day twice.
Originally scheduled to begin in October, the phasing out of these cuts was pushed back to January due to prevailing market conditions.
