UAE set to announce petrol prices for December amidst drop in global oil prices

The UAE’s Fuel Price Committee is set to announce retail petrol and diesel prices for December amidst a drop in global prices during November.

For the month of November, the UAE slashed local petrol and diesel prices by 41 fils a litre after four months of consecutive increases. The Super 98 price dropped 11.9 per cent to Dh3.03; the Special 95 rate was slashed by 12.3 per cent to Dh2.92; and the E-plus price was cut by 12.57 per cent to Dh2.85. Diesel price was slashed by 15 fils to Dh3.42 a litre.

Since the UAE deregulated oil prices in 2015, local retail petrol prices are revised at the end of every month to be aligned with global rates.

Global oil prices remained under pressure during November, falling below $75 a barrel in mid-November due to concerns about slow global economic growth, especially in China, strong non-Opec oil supply.

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WTI was trading at $76.5 a barrel on November 29, down by nearly seven per cent as compared to October 29. While Brent is down by 5.4 per cent in the past month, trading at $86.35 a barrel on November 29.

However, global oil prices recovered two per cent on Tuesday on the possibility of Opec+ extending or deepening supply cuts.

• Oil prices hit 4-month low on concerns about US, Chinese economy