UAE to announce petrol, diesel prices for December; here's what to expect

The country's Fuel Price Committee will officially announce retail petrol and diesel rates tomorrow to align them with the global rates

Web Desk

Published: Fri 29 Nov 2024, 3:03 PM

Last updated: Fri 29 Nov 2024, 3:08 PM

The UAE is set to announce fuel prices for the month of December, tomorrow, Saturday, November 30.

A bearish sentiment, which prevails partly due to now alleviated concerns over supply risks from the Israel-Hezbollah conflict, indicates that the UAE may drop fuel prices slightly to match global rates.

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On Friday, Brent futures were down 3.3 per cent and the US WTI benchmark was trading 3.8 per cent lower.

Since UAE deregulated petrol prices in 2015 and aligned them with global rates, the rates are revised at the end of every month. The UAE’s Fuel Price Committee will officially announce retail petrol and diesel rates tomorrow to align them with the global rates.

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BMI, a unit of Fitch Solutions, downgraded its Brent price forecast on Friday to $76/bbl in 2025 from $78/bbl previously, citing a "bearish fundamental outlook, ongoing weakness in oil market sentiment and the downside pressure on prices we expect to accrue under Trump."

The OPEC+ group comprising the Organisation of the Petroleum Exporting Countries and allies including Russia delayed its next policy meeting to December 5 from December 1. OPEC+ is expected to decide on a further extension to production cuts at the meeting.

Analysts at Goldman Sachs have said Iranian supply could drop by as much as 1 million barrels per day in the first half of next year if Western nations tighten sanctions enforcement on its crude oil output.

In November, Super 98, Special 95 and E-Plus were revised down to Dh2.74, Dh2.63 and Dh2.55 per litre, respectively.

Month	Super 98	Special 95	E-plus 91
January 2024	2.82	2.71	2.64
February	2.88	2.76	2.69
March	3.03	2.92	2.85
April	3.15	3.03	2.96
May	3.34	3.22	3.15
June	3.14	3.02	2.95
July	2.99	2.88	2.80
August	3.05	2.93	2.86
September	2.90	2.78	2.71
October	2.66	2.54	2.47
November	2.74	2.63	2.55