An average of 14 fils has been reduced for various types of petrol this time. The new rates are applicable from January 1. The new price of Super 98 petrol is Dh2.82 per litre. It was 2.96 dirhams in December. Special 95 petrol was priced at Dh2.85 per liter last month. The new price is 2.71 dirhams.
E-Plus 91 petrol costs Dh2.64 per litre. A decrease of 13 fils compared to 2.77 dirhams in December. Diesel will be charged Dh3 per liter in January. 19 fils per liter less than last month’s 3.19 dirhams.
After rising for the last four months, prices have started to decline since November. Since 2015, the UAE has been revising retail fuel prices according to the international market every month. Petrol prices in the country are more than 40 percent lower than the global average. Small fluctuations in fuel prices directly affect taxi companies, companies that use vehicles on a regular basis, etc.
The World Bank estimates that oil prices will drop to an average of $81 per barrel in 2024. The World Bank has warned that if the Israel-Hamas war creates a major crisis, prices will become unpredictable and rise to $157 a barrel.