[ad_1]
A committee has been set up to review national fuel prices on a monthly basis, and prices have been cut for three consecutive months
Retail fuel prices in the UAE have fallen to their lowest level in eight months in October, after the Fuel Price Council cut prices for three consecutive months.
Fuel prices in the UAE started to rise in February 2022 due to the Russian-Ukrainian conflict that erupted on February 24, 2022, and crossed the Dh4 per litre mark in June this year for the first time in the country’s history.
Oil prices accelerated after the conflict between Russia and Ukraine and peaked in July this year, when Super 98 was priced at Dh4.63 a litre, the highest price ever recorded in the country.
The price of Super 98 petrol in the UAE was $3.03 a litre in October on Friday, compared to AED3.41 in September. Likewise, prices for other fuel variants were lowered in October.
The price of Super 98 petrol was Dh3.23 per litre in March compared to Dh2.94 in February.
The UAE deregulated fuel prices in August 2015 as the government linked local fuel prices to global oil prices. A committee has been formed to review fuel prices in the UAE on a monthly basis.
Oil prices have remained above $100 a barrel since the outbreak of the military conflict. But prices have fallen over the past few months after fears of a global recession began to weigh on commodity prices.
Global oil prices tumbled about 5 percent on Sept. 23, hitting an eight-month low, as the dollar strengthened to more than 20 years and global oil demand fell on concerns that rising interest rates would push the world’s major economies into recession.
Oil price volatility has become the norm amid global economic concerns and the prospect of tighter oil supplies, energy analysts said.
Edwar Moya, senior market analyst at Oanda, said the bleak outlook for the global economy in the third quarter meant that the losses for oil would be severe.
“The oil demand outlook isn’t getting any benefit from economic data or corporate reports. OPEC+ will have an easy job next week, but oil prices won’t be affected until energy traders are confident they will cut production significantly by around 1 million barrels per day.” Buying impact. Brent is expected to consolidate below $90,” he said.
UAE retail fuel prices (dirham per litre) 2022
| moon | super 98 | Special 95 | Electronic Plus |
| January | 2.65 | 2.53 | 2.46 |
| February | 2.94 | 2.82 | 2.75 |
| march | 3.23 | 3.12 | 3.05 |
| April | 3.74 | 3.62 | 3.55 |
| possible | 3.66 | 3.55 | 3.48 |
| June | 4.15 | 4.03 | 3.96 |
| July | 4.63 | 4.52 | 4.44 |
| August | 4.03 | 3.92 | 3.84 |
| September | 3.41 | 3.3 | 3.22 |
| October | 3.03 | 2.92 | 2.85 |
Also read:
[ad_2]
Source link