Petrol and diesel prices for January 2024 will be revised in the UAE.

In the last two months, the Fuel Price Committee has reduced prices. In 2023, prices peaked in October, reaching Dh3.44 a litre for Super 98. Meanwhile, January 2023 saw the lowest prices when Super 98 was sold for Dh2.78 a litre. In December, Super 98, Special 95 and E-Plus 91 prices were reduced by around 7 fils to Dh2.96, Dh2.85 and Dh2.77 a litre, respectively.

In December 2023, Brent prices averaged $77.34, which is lower than November rates, when Brent averaged around $82.

Prices for Brent mostly traded in the $80s a barrel in December and the $70s a barrel in November, indicating a lower rate in December.

On Friday, Brent closed at $77.04 a barrel, down 0.14 percent. It lost over 10 percent in 2023.

After the UAE deregulated oil prices in 2015, local retail petrol prices are revised every month to align with global rates.

Will UAE residents receive a New Year's gift of reduced petrol prices? It is expected that the Committee will announce the revised dates for the first month of 2024 in the near future.