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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