United Arab Emirates has announced the retail fuel price for January. The price of petrol has been reduced, bringing the rate lowest level in a year. For the unaware, the retail fuel price gets approved by the Ministry of Energy every month. The price gets fixed based on the average price of oil globally.

The Fuel Price Committee slashed petrol prices by 14 fils, or 4.8 per cent, per litre for January 2024, pricing Super 98, Special 95, and E-Plus 91 at Dh2.82, Dh2.71, and Dh2.64, respectively. While the Special 95 petrol was priced at Dh2.85 in December 2023, the Super 98 petrol was at Dh2.96 and the E-Plus 91 petrol was priced at Dh2.77 per litre last month. 

In 2023, UAE residents witnessed the lowest price in January and high prices in October. The Super 98 was priced at Dh3.44 per litre. The government deregulated oil prices in August 2015 to make it at par with the global rates, and ever since UAE has been revising retail petrol prices on the last day of every month.

Although, prices have seen fluctuations but remain largely compatible with 2022, with diesel becoming more affordable. Petrol prices in the UAE have witnessed a substantial 25 percent rise throughout this year.