Asia Business

Oil at highest point in nearly 8 weeks: Will it impact fuel rates at the pump?

Consumers are hoping for a fourth month of drop in fuel prices as authorities get ready to announce the fuel rates for February

Petrol and diesel prices in the UAE are at one of their lowest levels in the past 12 months. The fuel prices have fallen for three consecutive months – November 2023 to January 2024, helping ease inflationary pressures for the retail consumer.

However, a string of factors such as international crude demand driven by the US and China, the possibility of easing tensions in the Red Sea and a possible truce between Israel and Hamas, have led to a rise in oil prices.

With the new set of prices set to be announced in less than a week, here is a roundup of the fluctuation in pump prices over the past year.

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