The UAE is set to announce revised petrol and diesel prices for January 2024.

The Fuel Price Committee reduced prices for the last two consecutive months. 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.

Globally, Brent price averaged $77.34 in December 2023, which is lower than November rates when Brent averaged around $82 a barrel.

Brent mostly traded in the $80s a barrel in December and $70s in November, signifying that the prices traded at a lower rate in December.

Brent closed at $77.04 a barrel on Friday, down 0.14 per cent. It lost over 10 per cent in 2023.

Since the UAE deregulated oil prices in 2015, local retail petrol prices are revised at the end of every month to be aligned with global rates.

So, will UAE residents get a New Year gift in terms of reduced petrol prices? The Committee will soon announce the revised dates for the first month 2024.