The UAE Fuel Price Committee is gearing up to disclose petrol and diesel prices for December, following the country’s practice of revising retail petrol prices on the last day of each month.

Since the government deregulated oil prices in August 2015, aligning them with global rates, this monthly adjustment has become a regular occurrence.

In a welcome relief for consumers, the fuel price committee implemented reductions in November. Super 98, Special 95, and E-Plus 91 experienced a decrease of up to 0.41 fils per litre compared to the previous month, breaking a trend of surging prices over the past four months.

In November, Super 98, Special 95, and E-Plus were priced at Dhs3.03, Dhs2.92, and Dhs2.85 per litre, respectively. Diesel prices also saw a decline of 15 fils, settling at Dhs3.42.

The global oil market’s dynamics are influencing these fluctuations. Brent benchmarked below $80 a barrel, as investors awaited the OPEC+ meeting.

The International Energy Agency predicts a slight surplus in global oil markets in 2024, even with OPEC+ nations extending their production cuts.

The Israel-Gaza conflict has added an additional layer of uncertainty to oil prices. While concerns about supply disruptions impacted prices, Qatar’s announcement of a two-day extension to the truce between the conflicting parties provided some relief.

The Middle East, supplying about a third of the world’s oil, remains a critical factor in crude price stability. Any escalation of the Israel-Gaza conflict to involve other regional powers poses the most significant risk to crude prices.

As the UAE awaits the fuel price committee’s December announcement, the global market dynamics, OPEC+ decisions, and geopolitical events will continue to shape the trajectory of petrol and diesel prices in the coming month.

Also Read

Chalhoub Group hiring for multiple positions in UAE

Are you on the lookout for exciting career prospects with a leading...

UAE Petrol & Diesel prices