(MENAFN- Khaleej Times) Motorists were relieved after the UAE fuel price committee slightly reduced petrol rates for the month of December despite global crude oil prices staying on the higher side.
The UAE on Wednesday cut petrol prices by Dh0.2 per litre for all three variants. Starting from December 1, Super 98, Special 95 and E-Plus 91 will cost Dh3.30, Dh3.18 and Dh3.11 per litre, respectively. While diesel price has seen a more substantially reduction of Dh0.27 per litre to Dh3.74.
Since the government decided to deregulate retail fuel prices in August 2015, the committee updates rates every month.
Globally, Brent crude futures settled up $2.40, or 2.8 per cent to $85.43 per barrel while US West Texas Intermediate (WTI) crude futures settled up $2.35, or 3.01 per cent, to $80.55. Due to global recession fears and economic headwinds, analysts expect oil prices to stay below $100 per barrel next year.
After reducing fuel prices for three months on a trot, retail fuel prices were increased by over nine per cent for November. Prices peaked in the UAE in July 2022 when Super 98 was priced at Dh4.63 per litre.
The UAE residents welcomed the reduction in fuel prices on Thursday, taking it as a gift on the country's 51st National Day.
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“We were expecting the prices to go up in December but I'm very happy that prices were lowered. We take it as a gift from the UAE government for residents on the occasion of the National Day,” said Shakeel Sheikh, a long-time UAE resident.
Hassan Shoukat said it's a relief for motorists in the UAE, especially for budget-conscious consumers.
“We are grateful to the UAE government. Since July when petrol prices were all-time high in the country, we keep a watch on fuel prices and look forward to revised rates every month,” said Shoukat.
B. Nair said sales executives who drive around the city quite regularly every day are very conscious about the fuel price.“It's always welcomed by the consumers who drive quite a lot every month to meet their clients and for other business matters,” he said.
As of November 28, according to petrol prices cost around 33 per cent less than the global average.
UAE retail fuel prices in 2022 (Dirhams per litre) | Month | Super 98 | Special 95 | E-Plus |
| January | 2.65 | 2.53 | 2.46 |
| February | 2.94 | 2.82 | 2.75 |
| March | 3.23 | 3.12 | 3.05 |
| April | 3.74 | 3.62 | 3.55 |
| May | 3.66 | 3.55 | 3.48 |
| June | 4.15 | 4.03 | 3.96 |
| July | 4.63 | 4.52 | 4.44 |
| August | 4.03 | 3.92 | 3.84 |
| September | 3.41 | 3.3 | 3.22 |
| October | 3.03 | 2.92 | 2.85 |
| November | 3.32 | 3.20 | 3.13 |
| December | 3.30 | 3.18 | 3.11 |
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