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Fuel Prices: UAE’s Fuel Price Committee to Announce Soon

The UAE's Fuel Price Committee is set to release retail petrol and diesel prices for December, matching the global market's performance in November.

The UAE’s Fuel Price Committee is poised to unveil retail petrol and diesel prices for December, reflecting the global market’s performance during November. 

In a significant move for November, local prices experienced a reduction of 41 fils per liter after four consecutive months of incremental increases.

November’s Notable Cuts: 

The adjustments in November saw Super 98 prices dropping by 11.9%, settling at Dh3.03, while Special 95 witnessed a 12.3% reduction to Dh2.92, and E-plus rates were cut by 12.57% to Dh2.85. Diesel prices also experienced a reduction of 15 fils, reaching Dh3.42 per liter.

Global Market Influence: 

November witnessed global oil prices facing downward pressure, dipping below $75 a barrel mid-month due to concerns about sluggish global economic growth, particularly in China, coupled with strong non-OPEC oil supply. 

However, a two percent recovery on Tuesday, driven by prospects of OPEC+ extending or deepening supply cuts, added an element of uncertainty.

As of November 29, WTI traded at $76.5 per barrel, marking a nearly seven percent decrease compared to October 29. Similarly, Brent experienced a 5.4% drop, settling at $86.35 per barrel on November 29.

Potential Impact on Local Prices: 

Considering the trends in global oil prices throughout November, there is a likelihood that local retail rates could witness a second consecutive month of revision, aligning with the prevalent market conditions. 

However, a final decision on December’s fuel prices will be announced tomorrow.

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