On January 31, the United Arab Emirates Fuel Price Committee will announce the prices of gasoline and diesel for the month of February in order to bring them in line with the rates that are currently in effect around the world.
When compared to the previous month, the average price of oil in January 2024 was somewhat higher, coming in at approximately 1.8% higher than the previous month. It is common practice in the United Arab Emirates to modify and alter retail fuel prices for the following month on the final day of the month that has just passed.
Oil prices at the global level
On a global scale, the price of a barrel of oil remained below $80 for the most of the days in January, but it reached about $83 per barrel in the most recent week. Brent was trading at $82.63 per barrel on Tuesday morning, representing a 0.28 percent increase, while WTI was trading at $77.05 per barrel, representing a 0.27 percent increase. Because of the geopolitical tension in the Middle East, the prices have been steadily increasing over the past few months.
The price of gasoline fell in January
During the month of January, the price of gasoline was decreased for the third month in a row, with the rates being reduced by 14 fils per liter. The prices of a liter for Super 98, Special 95, and E-Plus 91 were Dh2.82, Dh2.71, and Dh2.64 correspondingly.
The announcement of the price of gasoline is something that motorists, particularly those who travel great distances very frequently, eagerly anticipate in order to modify their monthly budgets into the appropriate amount.
In a similar manner, local taxi operators adjust their rates in accordance with the release of the new prices for gasoline.
Gasoline price forecast for February
There is a possibility that the prices for the month of February will be slightly raised; however, this is contingent upon the official announcement.
Although fuel prices in the UAE have been deregulated, they are significantly lower than the average for the rest of the world. As of January 22, 2024, Special 95 was being sold at a price of Dh2.71 a liter, which was significantly lower than the average rate of D4.72 per liter across the world.
|سعر اللتر (فبراير)
|سعر اللتر (يناير)
|بنزين سوبر 98
|خاص 95 بنزين
|إي بلس 91 بنزين