The UAE fuel price committee approved the fuel prices for December 2024 on Saturday.
Starting December 1, Super 98 petrol will cost AED2.61 per litre, down from AED2.74 in November, while Special AED2.50 per litre, compared to AED2.63 per litre currently.
Meanwhile, E-Plus 91 will cost AED2.43 per litre, down from AED2.55 a litre in November, while diesel will cost AED2.68 per litre compared to AED2.67.
Petrol prices have reduced for December after rising in November.
Read: Oil prices face weekly decline amid easing Middle East tensions, anticipation of OPEC+ meeting
A mixed month
Oil prices in November 2024 have experienced a mixed trend, influenced by several factors. Initially, prices surged due to concerns about potential disruptions in oil supplies from Russia following its recent warnings and deployment of a new ballistic missile in Ukraine. Additionally, China’s reduction of value-added tax on exports boosted the Asian gasoline complex, contributing to the upward pressure on prices.
However, as the month progressed, the bullish sentiment was tempered by bearish signals from the US and China regarding oil demand. The resumption of Libyan crude output and the planned unwinding of OPEC+ production cuts further added to the downward pressure on prices.
Mixed projections
Oil price projections for December 2024 are mixed, with various factors influencing the outlook. While some analysts anticipate a potential decline in prices due to increased supply from OPEC+ and continued economic uncertainties, others foresee a more stable market with prices hovering around the current levels.
How are petrol, diesel prices determined?
Since 2015, the UAE diesel and petrol prices have been moving in line with the international markets.
Prices are determined by the fuel price committee, chaired by the undersecretary of the Ministry of Energy. The committee includes members of the energy and finance ministries, as well as CEOs of Adnoc Distribution and Emirates National Oil Company.
The committee, when deciding the fuel pieces, does not rely on just one global market. It considers an average of global prices as well as operating costs of distribution companies.
