UAE fuel prices will increase marginally in October, in line with global oil prices, authorities said on Tuesday.
How much will fuel cost in October?
The breakdown of fuel prices per litre for next month is as follows:
Super 98: Dh2.77, up 2.6 per cent from Dh2.70 in September
Special 95: Dh2.66, a rise of 3.1 per cent compared to Dh2.58 in September
Diesel: Dh2.71, an increase of 1.8 per cent from Dh2.66 in September
E-Plus 91: Dh2.58, up 2.7 per cent compared to Dh2.51 in September
The UAE deregulated fuel prices in 2015 and changes are now tied to those in the global oil market, which has experienced significant volatility since the beginning of the year.
Oil prices have been increasing and last week posted their biggest weekly gains since June as US President Donald Trump increased pressure on buyers of Russian oil and Ukraine carried out new attacks on Moscow's energy infrastructure.
Brent, the benchmark for two thirds of the world's oil, surged 6.19 per cent for the week and West Texas Intermediate, the gauge that tracks US crude, leapt 5.32 per cent. However, oil was trading lower on Tuesday amid the prospects of Middle East tensions easing, as the US unveiled a detailed plan to end the nearly two-year Gaza war.
Brent fell by 0.38 per cent at 10.23am UAE time on Tuesday to $67.71 a barrel, while West Texas Intermediate was trading 0.26 per cent lower at $63.22 a barrel.
The prices also dropped sharply on Monday on concerns of a supply glut amid expectations of another output increase by Opec+ as well as the resumption of oil exports from the Iraqi Kurdistan region.
Opec+ is boosting supply that is impacting oil prices. The supergroup of producers will hold a meeting on Sunday to decide future production policy after increasing output in October by 137,000 barrels per day. Opec+ has been increasing production since April this year as it focuses to regain market share.
