Tomorrow, the UAE will announce retail fuel prices for February.

Fuel price committees update retail fuel rates each month since the country deregulated prices in August 2015 to bring local rates in line with global ones.

Due to the global economic slowdown and recessionary fears, the committee reduced prices for the months of December 2022 and January 2023.

On Monday afternoon, Brent crude traded at $86.86 a barrel while US West Texas Intermediate crude traded at $79.76.

Compared to the global average of Dh4.79 per liter, UAE retail fuel prices are among the lowest in the world at Dh2.67 per liter as of January 23.

In January, the price of Super 98 was cut by Dh0.52 to Dh2.78 per litre, the price of Special 95 was lowered by Dh0.51 to Dh2.67, and the E-plus 91 rate was lowered to Dh2.59.

After the Russian-Ukraine conflict, oil prices in the UAE and globally remained high, pushing fuel prices to the highest ever in July, when Super 98 was selling for Dh4.63 per liter and Special 95 was selling for Dh4.52 per liter.