The UAE Fuel Price Committee is gearing up to announce petrol and diesel prices for the month of February tomorrow, aligning them with global market rates amidst ongoing geopolitical tensions in the Middle East.
Oil prices, which experienced a slight uptick of around 1.8 per cent on average in January compared to the previous month, have been influenced by geopolitical uncertainties in the region. Despite hovering below $80 a barrel for most of January, Brent crude surged to nearly $83 a barrel last week, reflecting the volatility in global energy markets.
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The UAE, known for its proactive approach to adjusting retail fuel prices in response to international market trends, typically revises prices on the last day of each month. Motorists and taxi operators eagerly anticipate these announcements to adjust their budgets and fares accordingly.
In January, petrol prices saw a consecutive reduction for the third month, with rates dropping by 14 fils per litre. Super 98, Special 95, and E-Plus 91 were priced at Dh2.82, Dh2.71, and Dh2.64 a litre, respectively. While these adjustments have provided relief to consumers, February’s prices may see slight upward revisions, subject to the official announcement.
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Despite being deregulated, fuel prices in the UAE remain significantly lower than the global average. For instance, Special 95 was priced at Dh2.71 a litre on January 22, 2024, compared to the global average rate of Dh4.72 a litre, underscoring the country’s commitment to ensuring affordable energy prices for its citizens and residents.
As global oil markets continue to grapple with geopolitical uncertainties and supply dynamics, the forthcoming announcement will shed light on how the UAE navigates these challenges while balancing the interests of consumers and market stability. Stay tuned for the official announcement tomorrow to learn how fuel prices will shape up in February.
