UAE Set to Reveal January Fuel Prices as Possible Petrol Reduction
The United Arab Emirates is on the brink of revealing the revised pricing for fuel and diesel in January 2024.
Playing a crucial role in ensuring local petrol costs align with global fluctuations is the Fuel Price Committee, which recently implemented price reductions for two consecutive months.
UAE Fuel Prices Set for January 2024 Announcement
The year 2023 witnessed dynamic shifts in petrol prices, hitting a zenith of Dh3.44 per liter for the Super 98 in October. In contrast, January 2023 saw the lowest prices, with Super 98 at Dh2.78 per liter. The Committee's December adjustments brought down prices for Super 98, Special 95, and E-Plus 91 by approximately 7 fils, settling at Dh2.96, Dh2.85, and Dh2.77 per liter, respectively.
Global Context and Brent Price Trends
Examining the global context, the average Brent price in December 2023 stood at $77.34, displaying a decrease from November's average of around $82 per barrel. Brent primarily traded in the $80s per barrel range in December and the $70s in November, marking a decline in prices during December. The year concluded with Brent closing at $77.04 per barrel, signaling a 0.14% decrease and an overall decline of over 10% throughout 2023.
Monthly Adjustments and Deregulation
Since the deregulation of oil prices in 2015, local retail gasoline prices undergo monthly revisions to stay aligned with global rates. The Fuel Price Committee considers factors such as international market dynamics and fluctuations in crude oil prices to determine these adjustments.
Anticipation for January 2024
As the year draws to a close, residents of the UAE eagerly anticipate the Committee's announcement for January 2024. Known for its monthly declarations, the Committee's commitment to aligning local fuel prices with global market trends underscores the UAE's dedication to transparency and responsiveness in the dynamic oil market.
Residents await the announcement that will influence fuel costs at the beginning of the new year, reflecting the ongoing commitment to ensuring transparency and responsiveness to the dynamic nature of the oil market.