UAE to announce fuel prices for December 2023 amid global oil drops

Asma - | UAE

Following a notable decline in oil prices globally during November, which raised hopes for a possible change in local rates, the UAE's Fuel Price Committee is prepared to release the retail prices for gasoline and diesel in December as November draws to an end.

Price Drop of 41 Fils/Litre at the Local Level

Before November concludes, the UAE's Fuel Price Committee is expected to disclose the December retail prices for gasoline and diesel. This announcement follows a substantial reduction in oil prices on the global stage throughout November, leading to speculation about a possible alteration in local rates.

November rates

The UAE saw a notable drop in the price of gasoline and diesel in November, with a 41 fils per liter price reduction, following four months of rising costs. Super 98 got an 11.9% price drop to Dh3.03, while Special 95 and E-Plus both experienced price drops of 12.3% to Dh2.92 and 12.57% to Dh2.85, respectively. The price of diesel also dropped by 15 fils, to Dh3.42 per liter.

Global Dynamics:

Since the deregulation of oil prices in 2015, the UAE has been adjusting retail gasoline prices at the end of each month to align with global rates. The current trajectory of global oil prices, marked by concerns about sluggish economic growth, especially in China, and robust non-OPEC oil supply, has applied downward pressure on prices. As of November 29, WTI was trading at $76.5 per barrel, reflecting a nearly 7% decline since October 29. Similarly, Brent experienced a 5.4% decrease, trading at $86.35 per barrel on the same date.

Global Oil Prices Rebound, Signaling Market Resilience

Despite the decline, speculation about OPEC+ potentially extending or intensifying supply cuts led to a 2% increase in global oil prices on Tuesday.

Looking forward to December:

Considering the trajectory of global oil prices in November, local retail rates in the UAE could see a second consecutive month of downward adjustment. The official announcement of December rates is eagerly awaited, providing clarity on how global dynamics will impact local fuel prices. The Fuel Price Committee remains vigilant, ensuring that the adjustments align with market conditions and global oil trends.

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