The UAE will reveal its fuel prices for December on Saturday, November 30. Expectations suggest a slight price drop, aligning with global trends, as concerns over supply risks from the Israel-Hezbollah conflict have eased.
Fuel Prices Linked to Global Rates
Since deregulating petrol prices in 2015, the UAE adjusts fuel rates monthly to reflect global market changes. On Friday, Brent crude oil prices fell 3.3%, and the US WTI benchmark dropped by 3.8%. This downward trend hints at possible reductions in the UAE’s retail petrol and diesel rates, to be officially announced by the UAE Fuel Price Committee tomorrow.
Recent Trends and Forecasts
November fuel prices were:
- Super 98: AED 2.74 per litre
- Special 95: AED 2.63 per litre
- E-Plus 91: AED 2.55 per litre
Here’s a snapshot of the year’s monthly rates:
| Month | Super 98 | Special 95 | E-Plus 91 |
|---|---|---|---|
| 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 |
Industry Updates and Projections
Oil market sentiment remains bearish. BMI, part of Fitch Solutions, revised its Brent crude price forecast for 2025 from $78 to $76 per barrel, citing weak market conditions and potential downside under Trump administration policies. Meanwhile, analysts at Goldman Sachs predict a drop in Iranian oil supply by up to 1 million barrels per day if Western sanctions tighten.
The OPEC+ group, which includes Russia and the Organization of the Petroleum Exporting Countries, has delayed its policy meeting to December 5. Discussions are expected to focus on extending production cuts further.
