The UAE Fuel Price Committee will announce petrol and diesel prices for February on January 31 to bring them in line with global rates.

Oil prices, on average, traded slightly higher – around 1.8 per cent – in January 2024 as compared to the previous month. The UAE often revises and adjusts retail fuel prices for the upcoming month on the last day of the existing month.

Globally, oil prices stayed below $80 a barrel for most of the days in January, but rose to nearly $83 a barrel last week. On Tuesday morning, Brent was trading at $82.63 a barrel, up 0.28 per cent while WTI was up 0.27 per cent at $77.05 a barrel. The prices have been going up steadily due to geopolitical tensions in the Middle East.

Petrol prices were reduced for the third consecutive month in January, with rates being slashed 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.

Motorists, especially those who travel long distances quite often, look forward to petrol price announcements in order to adjust their monthly budgets accordingly.

Similarly, local taxi operators also revised their fares accordingly after the announcement of petrol prices.

Prices for February could be slightly adjusted higher, however, they’re subject to official announcements.

Fuel prices in the UAE are much cheaper than the global average despite being deregulated. Special 95 was selling for Dh2.71 a litre on January 22, 2024, as compared to the global average rate of D4.72 a litre.