UAE Set to Announce January 2024 Petrol and Diesel Prices

The UAE is poised to unveil the revised petrol and diesel prices for January 2024, with expectations influenced by global oil market fluctuations. 

The Fuel Price Committee’s decision comes after two consecutive months of price reductions. In December 2023, Super 98, Special 95, and E-Plus 91 prices were lowered by around 7 fils per litre.

Global Oil Market Context:

The global oil market, represented by Brent prices, experienced an average of $77.34 in December 2023, lower than the November average of around $82 per barrel. 

Brent traded mostly in the $80s range in December and the $70s in November, reflecting a downward trend. The closing price of Brent on Friday was $77.04 per barrel, marking a 0.14% decrease and over a 10% decline for the year.

Fuel Price Trends in 2023:

In 2023, UAE petrol prices fluctuated, peaking at Dh3.44 per liter for Super 98 in October and reaching a low of Dh2.78 per liter in January. December 2023 saw reductions in Super 98, Special 95, and E-Plus 91 prices.

Monthly Revision and Global Alignment:

Since the deregulation of oil prices in 2015, the UAE has revised local retail petrol prices at the end of each month to align with global market rates. 

The upcoming announcement for January 2024 will shed light on whether residents can anticipate changes in petrol and diesel prices as the new year begins.

The decision by the Fuel Price Committee will be closely watched, considering the global economic context and oil market dynamics, to gauge the impact on fuel costs for consumers in the UAE.