The Fuel Price Committee has reduced the UAE fuel prices for December 2022.
The fuel cost jumped to its top level at the start of this year after liberalization in 2015. The prices reached Dh4.52 per liter for Special 95 in July, went down for the subsequent period, and then escalated again last month amid increasing worldwide oil costs.
The prices for petrol didn’t see a big drop, but diesel witnessed a big decline, here are the UAE fuel prices :
• Super 98: Dh3.30 — from Dh3.32 in November
• Special 95: Dh3.18 — from Dh3.20 in November
• Diesel: Dh3.74 — from Dh4.01 in November
• E-plus 91: Dh3.11 — from Dh3.13 in November
The oil value jumped for a third straight day on Wednesday after seeing a huge draw in US crude stocks and investors eyeing the next Opec+ gathering.
Brent crude went up by 2.02 percent to $85.95 in mid-day selling, whereas US West Texas Intermediate crude jumped 2.16 percent to $79.89.
The cost rose to $129 per barrel in March but didn’t exceed $100 since August.
The Opec+ committee of oil-generating nations has allegedly switched their idea of the December 4 gathering, making it an online meeting.
It triggered the assumption that the committee would not make big decisions and the output would remain the same.
Emirates NBD says, “Opec+ may include language suggesting that the meeting remains ‘open,’ however, giving themselves leeway to intervene on short notice.”
In October, Opec+ chose to cut the combined production by two million barrels per day due to the sluggish worldwide economy.
The committee was also open to making further cuts as demand continues to go down.
The fuel costs will probably not pass over the $100 a barrel mark in a few months, though we witnessed the seventh biggest loss in the last 11 years, according to a Swiss bank UBS study.
Brent dipped 14 percent in price after reaching $98 per barrel at the start of November due to apprehension over fuel requirements in China.