On Sunday, the UAE lowered the price of petrol for the third straight month, putting local retail fuel prices for January 2024 almost at par with the lowest point in a year.
For January 2024, the Fuel Price Committee cut the price of gasoline by 14 fils, or 4.8%, per litre, setting rates for Super 98, Special 95, and E-Plus 91 at Dh2.82, Dh2.71, and Dh2.64, respectively. It is comparable to what the three variations cost per litre in January 2023 (Dh2.78, Dh2.67, and Dh2.59).
In 2023, prices peaked in October at Dh3.44 per liter for Super 98, and they reached their lowest point in January. However, it was still less expensive than the year before, when the Russia-Ukraine war, which broke out in early 2022, caused gasoline prices to reach an all-time high of more than Dh4 per litre.
Local retail gasoline prices are updated at the end of each month to reflect worldwide rates since the United Arab Emirates deregulated oil prices in 2015.
The price of gasoline was lowered following a $5 per barrel global price decline in December.
December 2023 saw an average price of $77.34 for Brent, which is less than November 2023’s average of about $82 per barrel.
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