The cost of filling up at the petrol pumps will fall in February.
Here's the breakdown:
• Super 98: falls 5 fils (2.5%) to Dh1.95
• Special 95: falls 5 fils (2.65%) to Dh1.84
• Diesel: falls 2 fils (0.87%) to Dh2.28
Motorists started the year with a substantial drop when the price of Special 95 fell below Dh2 a litre after a sharp fall in global oil prices.
Fuel prices in the UAE were liberalised in August 2015, so they now move with the market.
Brent crude oil was at about $61.28 a barrel this morning.
Global oil supply remains high largely due to a more than 2 million bpd increase in US crude oil production last year, to a record 11.9 million bpd.
"The US appetite for producing oil is insatiable and it shows zero sign of slowing down any time soon," Matt Stanley, a fuel broker with Starfuels in Dubai, told Reuters.
There are also concerns in the oil industry that crude demand could stutter amid an economic slowdown.
