The UAE’s Fuel Price Committee is scheduled to reveal the retail prices for petrol and diesel in December, considering the decline in global prices throughout November.
In November, the UAE reduced local petrol and diesel prices by 41 fils per litre, marking a departure from four consecutive months of increases. The Super 98 price experienced an 11.9% decrease to Dh3.03, the Special 95 rate was cut by 12.3% to Dh2.92, and the E-plus price saw a reduction of 12.57% to Dh2.85. Additionally, the diesel price was lowered by 15 fils to Dh3.42 per litre.
Since the deregulation of oil prices in 2015, the UAE has been adjusting local retail petrol prices at the end of each month to align with global rates.
Throughout November, global oil prices faced downward pressure, dropping below $75 a barrel in mid-November. Concerns about sluggish global economic growth, particularly in China, and robust non-OPEC oil supply contributed to this decline.
As of November 29, WTI traded at $76.5 per barrel, reflecting a nearly seven percent decrease from October 29. Brent, on the other hand, experienced a 5.4 percent decline in the past month, trading at $86.35 per barrel on November 29.
Despite these declines, global oil prices rebounded by two percent on Tuesday, driven by the potential extension or deepening of supply cuts by OPEC+.
Considering the November trend in global oil prices, there is a possibility that local retail rates in the UAE may be revised down for the second consecutive month. However, a final decision will be announced tomorrow.
