Petrol prices in the UAE are expected to see a small decrease when the new rates for January 2025 are announced on Tuesday. In December 2024, Brent oil prices averaged $73.06 per barrel, slightly down from $73.2 in November. However, this adjustment may change if there are significant price fluctuations in the final trading days of the year.
UAE Revises Fuel Prices Monthly
Since deregulating local petrol prices in 2015, the UAE has updated petrol and diesel rates at the end of every month. These adjustments align local prices with international oil market trends.
In December 2024, Super 98, Special 95, and E-Plus 91 prices dropped by approximately Dh0.13 per litre. This reduction brought prices to Dh2.61, Dh2.50, and Dh2.43 per litre, making December’s rates the lowest this year.
UAE Petrol Prices in 2024
| Month | Super 98 | Special 95 | E-Plus 91 |
|---|---|---|---|
| January | Dh2.82 | Dh2.71 | Dh2.64 |
| February | Dh2.88 | Dh2.76 | Dh2.69 |
| March | Dh3.03 | Dh2.92 | Dh2.85 |
| April | Dh3.15 | Dh3.03 | Dh2.96 |
| May | Dh3.34 | Dh3.22 | Dh3.15 |
| June | Dh3.14 | Dh3.02 | Dh2.95 |
| July | Dh2.99 | Dh2.88 | Dh2.80 |
| August | Dh3.05 | Dh2.93 | Dh2.86 |
| September | Dh2.90 | Dh2.78 | Dh2.71 |
| October | Dh2.66 | Dh2.54 | Dh2.47 |
| November | Dh2.74 | Dh2.63 | Dh2.55 |
| December | Dh2.61 | Dh2.50 | Dh2.43 |
Global Oil Trends and Market Outlook
Globally, oil prices remained steady. On Monday, West Texas Intermediate (WTI) traded at $70.65 per barrel, while Brent crude was priced at $74.
Experts shared mixed views about oil’s future.
- Ipek Ozkardeskaya, senior analyst at Swissquote Bank, mentioned that crude oil is ending the year in a bearish zone, with markets closely watching China’s economic recovery and the global supply glut expected to average 1 million barrels per day in 2025.
- Maria Agustina Patti, a financial strategist consultant at Exness, predicted that ample oil supply and weaker demand from China could limit price increases.
- Samer Hasn, senior market analyst at xs.com, expressed optimism about China’s recovery. He pointed to new support measures, including a $3 trillion treasury bond program and monetary incentives, which could boost consumer spending and fuel demand.
However, potential trade tensions between China and the U.S. in 2025, especially if Donald Trump assumes office, might negatively impact crude oil prices, Hasn warned.
