Picture used for illustrative purposes.

Gulf Today, Staff Reporter

The UAE fuel price committee on Sunday announced a slight reduction in fuel prices for the month of January 2024.

Starting January 1, Super 98 petrol will cost Dhs2.82 a litre, compared to Dhs2.96 the previous month.

Special 95 petrol will cost Dhs2.71 per litre, compared to Dhs2.85 in December.

E-Plus 91 petrol will cost Dhs2.64 a litre, up from Dhs2.77 a litre last month, while diesel will be charged at Dhs3 a litre, an increase from Dhs3.19 in December.

Meanwhile, Opec is facing weakening demand for its crude in the first half of 2024 just as its global market share declines to the lowest since the Covid-19 pandemic on the back of output cuts and member Angola's exit, according to Reuters calculations and data from forecasters.

The trend means the group would struggle to ease production cuts unless global oil demand accelerates or Opec is prepared to accept lower oil prices.