Are you bracing for a potential increase in petrol prices in the UAE this February?

Throughout January, motorists in the UAE experienced a welcomed relief as fuel prices were consistently slashed for the third consecutive month, dropping by 14 fils per litre. However, the upcoming month brings anticipation as the UAE Fuel Price Committee is poised to unveil the petrol and diesel rates for February on January 31. This announcement serves to realign local fuel prices with the ever-fluctuating global trends in oil markets.

Reflecting on January 2024, oil prices witnessed a moderate uptick, averaging around 1.8% higher compared to the preceding month. Notably, Brent crude oil, a global benchmark, surged to approximately $82.63 per barrel, up 0.28%, while West Texas Intermediate (WTI) hovered around $77.05 per barrel, marking a 0.27% increase. These fluctuations were largely influenced by ongoing geopolitical tensions in the Middle East, which continue to impact global oil markets.

Despite these global dynamics, it’s worth highlighting that petrol prices in the UAE consistently remain relatively affordable when compared to the global average. For instance, as of January 22, 2024, Special 95 was priced at Dh2.71 per litre, significantly below the global average rate of Dh4.72 per litre.

As motorists eagerly await the impending announcement, there’s a heightened sense of anticipation, especially for those who rely on long-distance travel. Additionally, local taxi operators closely monitor these developments as they often adjust their fares in response to changes in petrol prices.

While there’s speculation that February’s fuel prices could experience a slight uptick, given the recent trends in global oil markets, it’s important to await the official announcement from the Fuel Price Committee for confirmation. Stay tuned for updates as we navigate through the intricacies of fuel pricing in the UAE