UAE: Petrol Prices For January 2025 Could See A Marginal Drop

(MENAFN- Khaleej Times) Petrol prices in the UAE could see a minor drop when rates are revised for January 2025 on Tuesday.

Brent oil averaged around $73.06 a barrel in December 2024, compared to $73.2 in November. However, the price adjustment could be revised upward if prices see a big fluctuation during the last two trading days of the year.

UAE petrol prices since January 2024

Month	Super 98	Special 95	E-plus 91
January	2.82	2.71	2.64
February	2.88	2.76	2.69
March	3.03	2.92	2.85
April	3.15	3.03	2.96
May	3.34	3.22	3.15
June	3.14	3.02	2.95
July	2.99	2.88	2.80
August	3.05	2.93	2.86
September	2.90	2.78	2.71
October	2.66	2.54	2.47
November	2.74	2.63	2.55
December	2.61	2.50	2.43

Globally, oil was steady with WTI trading at $70.65 per barrel and Brent at $74 a barrel on Monday morning.

Ipek Ozkardeskaya, senior analyst at Swissquote Bank, said crude is set to close the year in the bearish consolidation zone, still waiting for China to get better and to narrow the global supply glut that's expected to average near 1 million barrels per day in 2025.

Maria Agustina Patti, financial markets strategist consultant to Exness, said forecasts of abundant oil supply in 2025 and signs of softer demand from China could temper any bullish sentiment, limiting substantial upside potential.

Samer Hasn, senior market analyst at xs, said there is optimism about the recovery in demand for crude from China with successive support measures that are expected to begin to crystallize over the next year.

“The latest of these measures was the approval of a historic $3 trillion treasury bond offering next year, which was announced recently. It also follows monetary support packages and talks of plans to restructure the social system, which could be reflected in consumer spending, which is one of the most important weaknesses of the economy," he said.

"However, the re-ignition of trade wars between China and the United States when Donald Trump returns to the White House later in January, as he has already threatened, will deepen the losses in crude, and this is among the most important factors that markets will focus on at the beginning of the new year,” added Hasn.