Fuel prices for all derivatives decline across UAE as end of 2024 looms
Date
12/31/2024 2:21:04 AM
(MENAFN) fuel prices for all derivatives have seen notable declines across the UAE as the end of 2024 approaches, reaching their lowest levels of the year. This downward trend comes as a relief to consumers and businesses alike, signaling a record decrease that has not been seen in recent years. The consistent reductions reflect a broader effort to align fuel costs with market conditions and provide some economic reprieve.
In December, petrol prices dropped by 12 to 13 fils per litre compared to November, following a decision by the Fuel Price Monitoring Committee to approve the price cuts. This marks the sixth instance of fuel price reductions in 2023, with previous cuts occurring in January, June, July, September, October, and December. These adjustments have collectively brought prices to their lowest levels in over two years.
Specifically, gasoline prices witnessed a decline of 34 to 35 fils, translating to a reduction of approximately 12 percent. Similarly, diesel prices saw a more significant drop of 51 fils per litre, reflecting a 16 percent decrease compared to December 2023 prices. These changes highlight the substantial impact of the committee's actions in reducing fuel costs for consumers and industries.
The current price levels mark the sharpest decline since October 2021, underlining the scale of this year’s reductions. The repeated cuts throughout 2023 have made fuel increasingly affordable, benefiting a wide range of sectors and easing financial pressures for residents and businesses. This trend has positioned the UAE’s fuel market as one of the most responsive to global and local economic dynamics.
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