Prices have come down for the third consecutive month.
The new year will give motorists even more of a reason to celebrate, as fuel prices for the month of January dropped further for the third straight month.
The UAE fuel price committee has announced that petrol prices in the UAE have been revised for the month of January, and that Super 98 for the month will be priced at Dh2.00 per litre, down from the Dh2.25 per litre in December. In addition, it was also announced that Special 95 will be priced at Dh1.89 per litre in January, down from the Dh2.15 per litre announced the previous month. E-plus 91 will cost Dh1.81 a litre in January, compared to Dh2.05 a litre last month. The price of diesel, meanwhile, was set at Dh2.30 a litre, down from Dh2.61 per litre announced in December.
Oil prices fell on Thursday after rebounding eight per cent in the previous session, as worries over a glut in crude supply and concerns over a faltering global economy pressured prices. Oil prices reached a high in early October, but dropped to their lowest levels for 18 months. Both crude oil benchmarks have lost more than a third of their value since the beginning of October and are heading for losses of more than 20 per cent in 2018.
Oil ministers from leading Opec nations had earlier said that they expect prices will arrest their recent slide, and rebalance early next year, when a deal on new production cuts takes effect. President of Opec, and the UAE Minister of Energy and Industry, Suhail Mohamed Faraj Al Mazrouei, said that the surplus in the oil market was small compared to 2017 and he expected it to vanish in one or two months. Opec and non-Opec members agreed in early December to trim production by 1.2 million barrels a day from January 1 in a bid to shore up sagging prices.