In a welcome relief for motorists, the UAE has witnessed a downward trend in petrol prices for the third consecutive month, with January 2024 rates nearly aligning with the lowest levels observed in the past year. The Fuel Price Committee announced a reduction of 14 fils per litre, equivalent to 4.8%, setting Super 98, Special 95, and E-Plus 91 at Dh2.82, Dh2.71, and Dh2.64, respectively. These prices closely resemble those of January 2023 when the three petrol variants were priced at Dh2.78, Dh2.67, and Dh2.59 per litre.
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Throughout 2023, petrol prices experienced fluctuations, reaching their lowest in January and peaking in October when Super 98 touched Dh3.44 per litre. Despite this, rates remained lower than the preceding year when global geopolitical tensions, particularly the Russia-Ukraine conflict in 2022, pushed petrol prices to an all-time high of over Dh4 per litre.
Since the UAE adopted a deregulated oil pricing policy in 2015, monthly revisions have been implemented, aligning local petrol prices with global market rates. The recent reduction is attributed to a global drop in oil prices, with Brent averaging $77.34 in December 2023, lower than the rates recorded in November. The decrease in global prices, influenced by a range of factors, has translated into more affordable petrol rates for UAE residents.
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The UAE continues to maintain competitive petrol prices, offering rates over 43% cheaper than the global average. Despite being one of the world’s largest crude oil producers, the country ranks among the top 25 nations with the lowest retail petrol prices, further enhancing its appeal in the transportation sector.
