A petrol pump in Sharjah Image Credit: GN Archives

The Ministry of Energy and Industry announced fuel prices for January. The prices include VAT.

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The per-litre prices are Super 98 at Dh2 (down from Dh2.25 last month) and Special 95 at Dh1.89, down from Dh2.15 in December. Diesel price has been fixed at Dh2.30, reduced from Dh2.61 in December.

Brent Crude today fell at around $54.04 per barrel. Analysts have commented that recent decline in prices have been due to oversupply as the cuts agreed upon by member nations of Oil Producing and Exporting Countries will only take effect in January. Compared to October, global oil prices have fallen by almost 40 per cent, though it turned around slightly in December.