UAE set to announce fuel prices for December today

The UAE’s fuel price committee is likely to announce retail fuel rates for the month of December today.

Since the government decided to deregulate retail fuel prices in August 2015, the committee updates rates every month. In the last few months, the committee has been announcing rates on the last day of every month.

After reducing prices for three consecutive months, retail fuel prices were increased by over nine per cent for November in line with the surge in global crude rates.

After peaking in July 2022 when retail fuel prices reached an all-time high in the UAE, the rates were reduced in August, September and October.

In July, Super 98 cost Dh4.63 per litre, while Special 95 and E-Plus were priced at Dh4.52 and Dh4.44 per litre, respectively.

On Tuesday, oil prices jumped three per cent as markets expect relaxation of China’s strict Covid-19 restrictions over the weekend.

Brent crude futures gained $2.50, or three per cent, to $85.69 a barrel while US West Texas Intermediate (WTI) crude futures rose $1.98, or 2.6 per cent, to $79.22 on Tuesday afternoon.

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