Petrol prices in the UAE are likely to see a slight decline when the rates for January 2025 are announced on Tuesday.
Current Trends in Oil Prices
Brent crude averaged around $73.06 per barrel in December 2024, a minor decrease from November’s $73.20. While this suggests a possible downward revision, the final adjustment could depend on any significant fluctuations during the last two trading days of the year.
The UAE has been revising petrol and diesel prices monthly since deregulating local fuel prices in 2015, aligning retail rates with global benchmarks.
December 2024 Rates: Lowest of the Year
In December, prices for Super 98, Special 95, and E-Plus 91 were reduced to Dh2.61, Dh2.50, and Dh2.43 per litre, respectively, marking the lowest rates for 2024.
UAE Petrol Prices in 2024: A Year in Review
| Month | Super 98 (Dh) | Special 95 (Dh) | E-Plus 91 (Dh) |
|---|---|---|---|
| January | 2.82 | 2.71 | 2.64 |
| February | 2.88 | 2.76 | 2.69 |
| March | 3.03 | 2.92 | 2.85 |
| April | 3.15 | 3.03 | 2.96 |
| May | 3.34 | 3.22 | 3.15 |
| June | 3.14 | 3.02 | 2.95 |
| July | 2.99 | 2.88 | 2.80 |
| August | 3.05 | 2.93 | 2.86 |
| September | 2.90 | 2.78 | 2.71 |
| October | 2.66 | 2.54 | 2.47 |
| November | 2.74 | 2.63 | 2.55 |
| December | 2.61 | 2.50 | 2.43 |
Global Oil Market Insights
Global oil prices remained steady as of Monday morning, with WTI trading at $70.65 per barrel and Brent at $74. Analysts highlight key factors influencing the oil market:
- Bearish Trends in 2024
- Crude oil remains in a bearish consolidation zone, driven by concerns over oversupply and weaker-than-expected demand, particularly from China.
- Optimism for 2025
- Measures by China, including a $3 trillion treasury bond offering and monetary support packages, may stimulate demand in the coming year.
- Trade War Uncertainties
- Potential trade tensions between China and the U.S., particularly under Donald Trump’s anticipated return to the White House, could negatively impact crude markets.
What Lies Ahead?
With forecasts of abundant supply and mixed demand signals, any significant increase in oil prices seems unlikely in the short term. UAE residents can expect minor fluctuations in fuel prices, reflecting the interplay of global market dynamics.
