To relieve consumers, the United Arab Emirates (UAE) has once again reduced petrol prices, marking the third consecutive month of adjustments. As of January 2024, the local retail fuel rates have reached nearly the lowest level seen in the past year.
January 2024 Prices Take a Dip
The Fuel Price Committee cut petrol prices by 14 fils, equivalent to 4.8 percent per liter for January 2024. The new rates for the different variants are as follows:
- Super 98: 2.82 AED
- Special 95: 2.71 AED
- E-Plus 91: 2.64 AED
These figures bring the prices remarkably close to those observed in January 2023, where Super 98, Special 95, and E-Plus 91 were priced at Dh2.78, Dh2.67, and Dh2.59 per liter, respectively.
Last One Year UAE Petrol Price Table
| Month | Super 98 | Special 95 | E-Plus 91 |
|---|---|---|---|
| January 2023 | 2.78 | 2.67 | 2.59 |
| February | 3.05 | 2.93 | 2.86 |
| March | 3.09 | 2.97 | 2.90 |
| April | 3.01 | 2.90 | 2.82 |
| May | 3.16 | 3.05 | 2.97 |
| June | 2.95 | 2.84 | 2.76 |
| July | 3.00 | 2.89 | 2.81 |
| August | 3.14 | 3.02 | 2.95 |
| September | 3.42 | 3.31 | 3.23 |
| October | 3.44 | 3.33 | 3.26 |
| November | 3.03 | 2.92 | 2.85 |
| December | 2.96 | 2.85 | 2.77 |
| January 2024 | 2.82 | 2.71 | 2.64 |
Fluctuations in 2023 and Global Trends
In the preceding year, petrol prices in the UAE hit their lowest in January but peaked in October when Super 98 was priced at Dh3.44 per liter. However, even at its highest, the rates were lower than the previous year’s peak, which exceeded Dh4 per liter. The spike in 2022 was attributed to the Russia-Ukraine war.
Since the UAE deregulated oil prices in 2015, adjustments to local retail petrol prices have been made to align with global rates at the end of each month. The recent reduction in petrol prices follows a global trend where oil prices dropped by approximately $5 a barrel in December.
Global Oil Trends and UAE’s Position
The Brent price, a key indicator of global oil prices, averaged $77.34 in December 2023, a decrease from November’s average of around $82 a barrel. Brent mostly traded within the $80 range throughout December, compared to $70 in November, indicating a price decrease. This decline in global rates was mirrored in the UAE’s decision to reduce petrol prices for January 2024.
Despite these adjustments, petrol prices in the UAE remain significantly lower than the global average, with a margin of over 43 percent. As one of the world’s leading crude oil producers, the UAE secured its place among the top 25 countries with the lowest retail petrol prices in December.
Conclusion
In conclusion, the UAE’s proactive approach to adjusting petrol prices reflects its commitment to providing economic relief to its residents. The recent reduction for January 2024 not only brings the prices in line with the lowest seen in the past year but also positions the UAE favorably compared to global averages. As we navigate the dynamic landscape of oil prices, the UAE continues to stand out as a country dedicated to ensuring affordability for its citizens.
