Image credit: Elena Popova/ Getty Images
The UAE fuel price committee is scheduled to announce petrol and diesel prices for February 2025 on Friday.
Since the government deregulated oil prices in August 2015, the UAE has been adjusting retail petrol prices on the last day of each month to align with global rates.
The fuel price committee priced Super 98, Special 95 and E-Plus at Dhs2.61, Dhs2.50 and Dhs2.43 per litre, respectively, in January 2025. Diesel was priced at Dhs2.68 a litre.
Petrol prices in January 2025 remained unchanged from December 2024 and were the lowest in the past year.
Meanwhile, global oil prices surged at the beginning of 2025 due to US sanctions on Russia. However, concerns about trade wars and weak economic data from China largely offset these initial gains. Market volatility is anticipated as policies are implemented, with President Donald Trump urging OPEC+ to contribute to lower crude prices.
Saudi Arabia’s energy minister and several of his OPEC+ counterparts have held talks following the US President’s call for lower oil prices and ahead of a meeting next week of OPEC+ oil-producing countries.
OPEC+ has yet to respond, but five OPEC+ delegates said a meeting of the group’s top ministers on February 3 is unlikely to adjust its current plan to start raising output from April. OPEC+ groups members of the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia.
Brent crude traded near $76.54 a barrel, down $0.04 or 0.05 per cent, as of 10:00 a.m. GST on January 30, while US West Texas Intermediate crude futures rose by $0.05 or 0.07 per cent to $72.67 a barrel.
Read: UAE petrol, diesel prices remain unchanged for January 2025
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