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The UAE is expected to announce retail fuel prices for the month of February tomorrow.
The fuel price committee updates the monthly retail fuel rates at the end of every month since the country deregulated prices in August 2015 to bring local rates in line with the global.
The committee reduced prices for the months of December 2022 and January 2023 as oil prices have been dropping, of late, due to global economic slowdown and recessionary fears.
Brent crude was trading at $86.86 a barrel while US West Texas Intermediate crude stood at $79.76 on Monday afternoon.
Retail fuel prices in the UAE are among the most economical in the world at Dh2.67 per litre as on January 23 as compared to the global average of Dh4.79 per litre.
For the month of January, the Super 98 price was slashed Dh0.52 to Dh2.78 per litre, the Special 95 price was cut Dh0.51 to Dh2.67 and E-plus 91 rate was reduced to Dh2.59.
Oil prices in the UAE and globally stayed high in the beginning and middle of last year after the Russian-Ukraine conflict, pushing fuel prices to the highest ever in July when Super 98 was selling for Dh4.63 per litre and Special 95 at Dh4.52 a litre.
UAE retail fuel prices in 2022 (Dirhams per litre)
| Month | Super 98 | Special 95 | E-Plus |
| January | 2.65 | 2.53 | 2.46 |
| February | 2.94 | 2.82 | 2.75 |
| March | 3.23 | 3.12 | 3.05 |
| April | 3.74 | 3.62 | 3.55 |
| May | 3.66 | 3.55 | 3.48 |
| June | 4.15 | 4.03 | 3.96 |
| July | 4.63 | 4.52 | 4.44 |
| August | 4.03 | 3.92 | 3.84 |
| September | 3.41 | 3.3 | 3.22 |
| October | 3.03 | 2.92 | 2.85 |
| November | 3.32 | 3.20 | 3.13 |
| December | 3.30 | 3.18 | 3.11 |
| January 2023 | 2.78 | 2.67 | 2.59 |
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