• The UAE will announce new petrol and diesel prices for January 2024.
• Prices have been decreasing for the past two months.
• December saw a drop of around 7 fils for all major fuel types.

The UAE is scheduled to provide updated rates for petrol and diesel in January 2024.

For the past two months, the Fuel Price Committee has lowered prices. October 2023 had a price peak of Dh3.44 per litre for Super 98. The lowest rates, however, were recorded in January 2023, when Super 98 was offered for Dh2.78 per litre. December saw a roughly 7 fils price reduction for the Super 98, Special 95, and E-Plus 91, bringing them down to Dh2.96, Dh2.85, and Dh2.77 a litre, respectively.

In December 2023, the average price of Brent on a global scale was $77.34; this is less than the average price of $82 a barrel in November.

Brent often fluctuated in the $80s per barrel in December and the $70s in November, indicating a lower trading rate in December.

On Friday, Brent ended the day 0.14 percent lower at $77.04 per barrel. In 2023, it saw a loss of more than 10%.

Local retail gasoline prices are updated at the end of each month to reflect worldwide rates since the United Arab Emirates deregulated oil prices in 2015.

Will citizens of the UAE receive a gift this New Year in the form of lower gas prices? The committee plans to provide the updated schedule for the first month of 2024 shortly.

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