Petrol prices for December in the UAE to be Revealed
As November concludes, the UAE's Fuel Price Committee is gearing up to announce the retail prices for petrol and diesel in December.
This comes on the heels of a significant drop in global oil prices throughout November, prompting anticipation of a potential adjustment in local rates.
Local Prices Slashed by 41 Fils Per Litre
Before the end of November, the UAE's Fuel Price Committee will release the December retail prices of gasoline and diesel. It follows a sharp decline in oil prices worldwide during November, which has sparked speculation about a possible change in local rates.
November Reduction:
After four months of hikes, the UAE saw a significant drop in petrol and diesel prices in November. Customers were elated with the 41 fils per liter price cut. With a decline of 11.9% to Dh3.03, the price of Super 98, Special 95, and E-Plus all fell by 12.3% to Dh2.92 and 12.57%, respectively, to Dh2.85. Diesel also saw a reduction of 15 fils to Dh3.42/liter.
Global Dynamics:
Since the deregulation of oil prices in 2015, the UAE adjusts retail petrol prices at the end of each month to align with global rates. The current trend in global oil prices, marked by concerns about sluggish economic growth, particularly in China, and robust non-OPEC oil supply, has contributed to the downward pressure on prices. As of November 29, WTI was trading at $76.5 per barrel, representing a nearly 7% decline since October 29. Similarly, Brent experienced a 5.4% decrease, trading at $86.35 per barrel on the same date.
Market Resilience: Rebound in Global Oil Prices
Despite the decline, speculation that OPEC+ might extend or intensify supply cuts caused global oil prices to rise by 2% on Tuesday.
Anticipating December:
Considering the trajectory of global oil prices in November, local retail rates in the UAE could see a second consecutive month of downward adjustment. The official announcement of December rates is eagerly awaited, providing clarity on how global dynamics will impact local fuel prices. The Fuel Price Committee remains vigilant, ensuring that the adjustments align with market conditions and global oil trends.