It has been recently announced by the Ministry of Energy that petrol prices in the UAE will be increased by some amount this January 2017. This is due to global oil prices hiking up because of an agreement between countries that produce/supply oil to cut output beginning next month to ensure the stabilization of the oil prices.
Starting this month, the new fuel prices per liter are as below: Super 98: Dh 1.91 – up from Dh 1.80 Special 95: Dh 1.80 – up from Dh 1.69 E-Plus 91: Dh 1.73 – up from Dh 1.62 The December price of diesel which was Dh 1.81 per liter has been fixed to a price of Dh 1.94 per liter. The petrol price increases by 11 fils per liter and diesel by 13 fils. The Organization of the Petroleum Exporting Countries (OPEC) made a historic deal with non-OPEC members to decrease their output by over 1.8 million barrels per day starting the beginning of January 2017 which then resulted for the global oil prices to recover and the fuel prices to gone up. Late last month, December 2016, the global benchmark ‘Brench Crude’ was trading at $56.42 per barrel which is up by 0.59% and US crude ‘West Texas Intermediate’ was trading at $54.16 per barrel which is up by 0.58%.