AED 0.2 for every price hike by the Fuel Board; since the government decided to deregulate retail fuel prices, the Board has updated rates on a monthly basis
Motorists breathed a sigh of relief after the UAE Fuel Price Council slightly lowered petrol prices for December despite global crude oil prices remaining high.
On Wednesday, the UAE cut petrol prices for all three models by AED0.2 per liter. From December 1, Super 98, Special 95 and E-Plus 91 will be priced at Dh3.30, Dh3.18 and Dh3.11 per liter, respectively. Diesel prices fell sharply, from Dh0.27 to Dh3.74 per liter.
The commission has updated prices on a monthly basis since the government decided to deregulate retail fuel prices in August 2015.
Globally, Brent crude futures settled up $2.40, or 2.8%, at $85.43 a barrel, while U.S. West Texas Intermediate (WTI) crude futures settled up $2.35, or 3.01%, at $85.43 a barrel $80.55. Analysts expect oil prices to remain below $100 a barrel next year amid concerns over a global recession and economic headwinds.
Retail fuel prices rose more than 9% in November after lowering fuel prices for three consecutive months. Prices in the UAE will peak in July 2022, when Super 98 will be priced at AED4.63 per liter.
Residents of the UAE welcomed the drop in fuel prices on Thursday as a gift for the country’s 51st National Day.
“We expected prices to rise in December, but I’m glad they came down. We took it as a gift from the UAE government to residents on National Day,” said Shakir Sheikh, a longtime UAE resident.
Hassan Shoukat said this will be a relief for motorists in the UAE, especially budget-conscious consumers.
“We are grateful to the UAE government. We have been monitoring fuel prices since July, when petrol prices hit record highs in the country, and look forward to monthly price revisions,” Shoukat said.
B. Nair says sales executives who drive around the city every day are very concerned about fuel prices. “It’s always been popular with consumers, who drive a lot each month to meet clients and conduct other business,” he said.
According to www.globalpetrolprices.com, gasoline prices were about 33% lower than the global average as of Nov. 28.
UAE Retail Fuel Prices 2022 (AED/L)
|moon||super 98||Special 95||E-plus|