UAE fuel prices to rise in December

Motorists to pay more at the pump next month

Fuel prices in the UAE are tied to those in the global oil market. Victor Besa / The National

Petrol prices in the UAE will rise in December, in line with global oil prices, authorities said on Sunday.

How much will fuel cost in December?

The breakdown of fuel prices per litre for next month is as follows:

Oil prices post fourth monthly drop amid Russia-Ukraine uncertainty

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Super 98: Dh2.70, up 2.6 per cent from Dh2.63 in November

Special 95: Dh2.58, an increase of 2.7 per cent from Dh2.51 in November

Diesel: Dh2.85, a rise of 6.7 per cent from Dh2.67 in November

E-Plus 91: Dh2.51 A rise of 2.8 per cent from Dh2.44 In November

The UAE deregulated fuel prices in 2015 and rates are now tied to those in the global oil market, which has experienced volatility since hitting a peak in 2022.

Among factors that have affected oil markets are the Russia-Ukraine war, conflicts in parts of the Middle East, global economic uncertainty, stock market concerns and interest rate speculation.

Oil prices closed lower on Friday for a weekly gain but still posted a fourth straight monthly decline amid stalled peace talks between Moscow and Kyiv, and ahead of a key Opec+ meeting on Sunday.

Brent retreated 0.78 per cent to settle at $62.38 per barrel. West Texas Intermediate shed 0.17 per cent to $58.55 a barrel.

From last week's close, Brent and WTI added 0.7 per cent and 0.84 per cent, respectively. But since October, Brent has dropped by 3.69 per cent, while WTI is nearly 4 per cent lower.

Year-to-date, Brent has slid nearly 17 per cent, while WTI has retreated by more than 18 per cent.

Opec+, the supergroup of oil producers led by Saudi Arabia and Russia, is due to meet on Sunday and expected to maintain crude production levels. The meeting is one of the most closely watched by observers at it gives a pulse of the direction of the oil market.

Meanwhile, global demand for oil is expected to continue rising through the next quarter-century, poised to reach 105 million barrels per day by 2035 and hit 113 million bpd by 2050, the International Energy Agency said in its annual World Energy Outlook report earlier this month.