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UAE to Set Fuel Prices for January 2024 Despite Observations on the World Market

By Admin - Dec 30, 2023

The UAE's petrol price committee is getting ready to publish the fuel and diesel costs for January, continuing the country's long-standing custom of changing retail fuel prices on the last day of the month. Since August 2015, when the government deregulated oil prices to bring them into the range of international rates, this strategy has been in use.

Super 98, Special 95, and E-Plus 91 retail rates had a significant decrease in December, which maintained a trend that started after four months of price increases. Prices fell by as much as 0.7 fils in December, coming down to Dhs2.96 for Super 98, Dhs2.85 for Special 95, and Dhs2.77 for E-Plus.

Similarly, the price of diesel experienced a decline of 0.23 fils, falling to Dhs3.19 in December compared to Dhs3.42 in the previous month.

Even as oil prices around the world stayed mostly constant, market watchers closely monitored developments in the Red Sea. The stability of the market has been aided by some big ships resuming passage across the Red Sea despite ongoing attacks and tensions in the wider Middle East.

In 2024, there might be more oil available than needed, even though OPEC is cutting production. The ongoing conflict also affects oil prices by disrupting the oil supply in the Middle East.

In 2023, fuel prices in the UAE changed a lot, highlighting how global and local factors are connected. The prices for different types of fuel went up and down.

Consumers and businesses are eagerly waiting for the January fuel prices because these changes will affect how much money they spend every day and how the economy works.

UAE petrol & diesel prices 2023

Month Super98 Special95 Eplus91 Diesel
January 2.78 2.67 2.59 3.29
February 3.05 2.93 2.86 3.38
March 3.09 2.97 2.90 3.14
April 3.01 2.90 2.82 3.03
May 3.16 3.05 2.79 2.91
June 2.95 2.84 2.76 2.68
July 3.00 2.89 2.81 2.76
August 3.14 3.02 2.95 2.95
September 3.42 3.31 3.23 3.40
October 3.44 3.33 3.26 3.57
November 3.03 2.92 2.85 3.42
December 2.96 2.96 2.77 3.19

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