UAE reduces fuel prices for the month of December
Photo used for illustrative purpose.
The UAE energy ministry has decreased the prices of petrol and diesel for the month of December, taking effect on Dec.1.
These prices include a value-added tax of 5 per cent.
The December’s new price of a litre of Super 98 petrol will be sold at Dhs3.30 per litre in all fuel stations. It was Dhs3.32 per litre in October.
The price of a litre of Special 95 petrol will be sold at Dhs3.18. In October, it was Dhs3.20.
Diesel will be sold at Dhs3.74. It was Dhs4.01 in October.
The price of Opec basket of thirteen crudes stood at US$79.93 a barrel on Monday, compared with US$83.80 the previous Friday, according to Opec Secretariat calculations.
The Opec Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Iran), Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
Opec oil output has fallen in November, led by top exporter Saudi Arabia and other Gulf members, after the wider Opec+ alliance pledged steep output cuts to support the market amid a worsening economic outlook.The Organization of the Petroleum Exporting Countries (Opec) pumped 29.01 million barrels per day (bpd) in November, a survey found, down 710,000 bpd from October.
In September, Opec output had been the highest since 2020.
Opec and its allies, known as Opec+, have been boosting output for most of 2022 as demand recovered.
For November, with oil prices weakening amid concern of recession, the group made its largest cut since the early days of the COVID-19 pandemic in 2020.
