Petrol prices in the UAE will drop in January, in line with global oil prices, authorities said on Wednesday.
How much will fuel cost in January?
Super 98: Dh2.53, down 6.3 per cent from Dh2.70 in December
Special 95: Dh2.42, down 6.2 per cent from Dh2.58 in December
Diesel: Dh2.55, down 10.5 per cent from Dh2.85 in December
E-Plus 91: Dh2.34, down 6.8 per cent from Dh2.51 in December
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.
Brent crude is heading into the new year under sustained pressure, with prices at risk of slipping below $60 per barrel after posting their steepest annual decline since 2020.
Brent, the benchmark for two thirds of the world's oil, and West Texas Intermediate, the gauge that tracks US crude, were nearly flat at $61.30 and $57.91 per barrel, respectively, as of 11.39am UAE time on Wednesday.
Oil prices are all but set for their steepest annual decline since 2020 amid oversupply concerns as Opec+ boosts production amid plans to regain market share.
Oil is still on track for a fifth monthly drop in December, which would be the longest losing streak in more than two years. Prices have been dragged lower by concerns about a global glut following supply increases from Opec+ members as well as countries outside the group.
Geopolitical tensions, including the US military strikes on Opec member Nigeria, a major oil producer, and escalation between the US and Opec member Venezuela have helped to stem the slump in recent weeks.
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 in November.
2026 performance
Oil's weak performance is expected to extend into 2026, as supply growth continues to outpace demand. This is set to heighten fiscal pressure on oil-dependent Gulf producers and sharpen scrutiny of Opec+’s strategy of restoring output to regain market share, even as global consumption continues to expand.
Analysts say the oil market is entering a period of structural imbalance, with production expected to grow at roughly three times the pace of demand despite steady consumption gains.
Global oil demand is forecast to rise by about 900,000 bpd in 2025 to 105.5 million bpd, followed by a similar increase in 2026 and stronger growth in 2027. Supply, however, is projected to expand at three times that rate in 2025 and 2026, driven by higher output from Opec+ and non-Opec producers.
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Starring: Taron Egerton, Richard Madden, Jamie Bell
Rating: 3 out of 5 stars
2024%20Dubai%20Marathon%20Results
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Scoreline
Man Utd 2 Pogba 27', Martial 49'
Everton 1 Sigurdsson 77'
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
Killing of Qassem Suleimani
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The biog
Most memorable achievement: Leading my first city-wide charity campaign in Toronto holds a special place in my heart. It was for Amnesty International’s Stop Violence Against Women program and showed me the power of how communities can come together in the smallest ways to have such wide impact.
Favourite film: Childhood favourite would be Disney’s Jungle Book and classic favourite Gone With The Wind.
Favourite book: To Kill A Mockingbird for a timeless story on justice and courage and Harry Potters for my love of all things magical.
Favourite quote: “We make a living by what we get, but we make a life by what we give.” — Winston Churchill
Favourite food: Dim sum
Favourite place to travel to: Anywhere with natural beauty, wildlife and awe-inspiring sunsets.
Jetour T1 specs
Engine: 2-litre turbocharged
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MATCH INFO
Champions League quarter-final, first leg
Tottenham Hotspur v Manchester City, Tuesday, 11pm (UAE)
Matches can be watched on BeIN Sports
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The candidates
Dr Ayham Ammora, scientist and business executive
Ali Azeem, business leader
Tony Booth, professor of education
Lord Browne, former BP chief executive
Dr Mohamed El-Erian, economist
Professor Wyn Evans, astrophysicist
Dr Mark Mann, scientist
Gina MIller, anti-Brexit campaigner
Lord Smith, former Cabinet minister
Sandi Toksvig, broadcaster
UAE currency: the story behind the money in your pockets
