UAE: Why Petrol Prices Could Drop Further in December

Petrol prices in the UAE could dip slightly in December as global oil markets stay under pressure due to surplus concerns for 2026.

In November, Brent crude closed at around $63.7 per barrel, down from $65.22 in October, signaling a possible small reduction in retail fuel prices. The UAE’s retail petrol rates have been tied to global oil prices since 2015, removing subsidies in line with economic diversification policies. Prices for petrol and diesel are adjusted monthly based on global oil fluctuations, with official announcements expected at the end of the week.

In November, the UAE lowered fuel prices by 14–15 fils per litre, with Super 98 at Dh2.63, Special 95 at Dh2.51, and E-Plus 91 at Dh2.44 across ADNOC, Emarat, and ENOC stations. This marks the second consecutive month of falling petrol prices in the country.

Crude oil remains under pressure amid cautious optimism over US-Ukraine talks, which partly offsets risks from potential Russian supply disruptions. However, price gains remain limited due to global economic headwinds. Around 48 million barrels of Russian oil are still held at sea due to US sanctions, while weak consumption and OPEC+ forecasts of surplus are weighing on the market.

Ukrainian President Volodymyr Zelenskiy has agreed to explore a peace plan, potentially lifting sanctions on Russian oil. Vijay Valecha, Chief Investment Officer at Century Financial, noted that oversupply concerns remain strong as OPEC+ and non-OPEC producers continue to increase output, keeping oil sentiment bearish.

“Peace proposals could unlock more supply in a market already facing a surplus next year, putting further downward pressure on oil prices,” he added.

Month	Super 98	Special 95	E-Plus 91
January	2.61	2.5	2.43
February	2.88	2.76	2.69
March	3.03	2.92	2.85
April	3.15	3.03	2.96
May	3.34	3.22	3.15
June	3.14	3.02	2.95
July	2.99	2.88	2.8
August	3.05	2.93	2.86
September	2.9	2.78	2.71
October	2.66	2.54	2.47
November	2.74	2.63	2.55
December	2.61	2.5	2.43
Jan-25	2.61	2.5	2.43
February	2.74	2.63	2.55
March	2.73	2.61	2.54
April	2.57	2.46	2.38
May	2.58	2.47	2.39
June	2.58	2.47	2.39
July	2.7	2.58	2.51
August	2.69	2.57	2.5
September	2.7	2.58	2.51
October	2.77	2.66	2.58
November	2.63	2.51	2.44

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