UAE set to announce retail fuel prices for January tomorrow

UAE set to announce retail fuel prices for January tomorrow

The UAE's fuel price committee will announce petrol and diesel prices for the month of January 2023 tomorrow.

The country decided to deregulate retail fuel prices in August 2015 and since then, the committee announces revised rates every month. In the last few months, it has been announcing petrol and diesel prices on the last day of the month.

The UAE increased retail fuel prices for the month of November but reduced slightly for the last month of the year.

After peaking in July when retail fuel prices reached an all-time high in the UAE, the rates were reduced in August, September and October.

On Friday, global oil prices were up in the afternoon. WTI crude was trading at $78.64 per barrel, up 0.31 per cent, while Brent was up by 0.35 per cent at $83.75 a barrel.

Brent looked set to end the year with a gain of eight per cent, after jumping 50.2 per cent in 2021. Prices peaked in March at $139.13 a barrel, a level unseen since 2008, after Russia-Ukraine military crisis.

The retail fuel prices were averaging Dh3.18 per litre on December 26 as compared to Dh4.7 per litre globally.