UAE Fuel Price Committee announces significant decreases in all fuel categories as oil price slumps
Petrol prices in the UAE are set to decrease in December, according to an announcement by the UAE Fuel Price Committee.
The price for Super 98 will be cut to AED2.25 per litre, down from AED2.57 in November, while Special 95 will fall to AED2.15, down from AED2.46 last month.
E-plus 91 was priced at AED2.05, down from AED2.38 in November, while the price of diesel has been set at AED2.61 for December, down from AED2.87 per litre last month.
The significant drop in prices comes after oil crashed below $50 a barrel for the first time in more than a year as Russia signaled little urgency to commit to supply cuts, while US crude stockpiles continue to grow.
Just days before talks on oil policy with Saudi Arabia, Russian President Vladimir Putin said current prices are “ absolutely fine”, while Saudi energy minister said the kingdom is confident OPEC and its partners can reach a deal to stabilize the market.