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New Year's Gift to you! Fuel Prices for January 2016.

Petrol prices dropped by 6 per cent and diesel by 12 per cent as the Ministry of Energy announced new fuel prices for January.

The price of Special 95 has been fixed at Dh1.58 per litre and diesel at Dh1.61 per litre. Super 98 will cost Dh1.69 per litre and E Plus 91 at Dh1.51per litre.

Oil prices decreased for a fifth consecutive month in the UAE.

The per litre prices for December are Dh1.79 for Super 98, Dh1.68 for Special 95, Dh1.61 for E Plus-91. The price for diesel was fixed at Dh1.83 per litre.

In  a landmark decision in July, the Ministry of Energy deregulated fuel prices and new pricing policy linked to global prices adopted.

Global oil prices have plunged by more than 50 per cent in the last one year.

From more than $100 per barrel, oil prices have plunged to less than $40 in recent times as a global glut persists. Brent, the global benchmark, was trading at $37.29 barrel at 01:55 PM UAE time on Monday.