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Monday, April 22, 2024

UAE: Possible petrol, diesel price hike in September

UAE’s Fuel Price Committee will reveal September’s retail petrol and diesel prices on August 31, aligning them with global rates. In August, petrol prices increased by around 14 fils.

Super 98, Special 95, and E-Plus were at Dh3.14, Dh3.02, and Dh2.95 per litre. August’s average retail petrol price was Dh3.02, considerably below the worldwide average of Dh4.93 per litre.

Brent prices fell from this month’s peak of $87.55 on August 9 to $84.41 on August 29. WTI traded at $80.08 a barrel at 9 am UAE time.

Global crude oil had a second consecutive weekly loss due to rising oil supplies from Iran and Venezuela countering OPEC+ cuts. China’s stimulus announcements boosted prices, putting WTI over $80 and Brent close to $85 a barrel.

Oil’s current trade level is similar to the month’s start, with a slight spike in the second week. Local prices might adjust accordingly after the official announcement on August 31.

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