UAE petrol and diesel prices to fall again in December

The prices of petrol and diesel in the UAE will drop next month, it has been announced.

Prices increased in September and October, then fell in November, reflecting the trend in the global oil market.

The breakdown in fuel price per litre for December is as follows:

• Super 98: Dh2.96, from Dh3.03 in November (down by 2.3 per cent)

• Special 95: Dh2.85, from Dh2.92 in November (drop of 2.4 per cent)

• Diesel: Dh3.19, from Dh3.42 in November (down by 6.7 per cent)

• E-plus 91: Dh2.77, from Dh2.85 in November (decline of 2.8 per cent)

The UAE liberalised fuel prices in 2015 to allow them to move in line with the market. In 2020, prices were frozen by the fuel price committee after the start of the coronavirus pandemic.

The controls were removed in March 2021 to reflect the movement of the market once again.

Oil prices, which surged to about $98 in September, are on track for a back-to-back monthly loss amid expectations of a tight crude market in the fourth quarter.

But higher oil production in Iran and the easing of sanctions on Venezuela could ease supply concerns next year.

Brent crude is trading 1.36 per cent up at $84.23 a barrel on Thursday. West Texas Intermediate, the gauge that tracks US crude, iss trading 1.18 per cent higher at $78.78 a barrel.