Petrol prices across the UAE will fall in September, it has been announced.
Prices have risen sharply this year on the back of sustained high global oil prices, but fell by 13 per cent in August.
The breakdown price per litre for September is as follows:
• Super 98: Dh3.41— from Dh4.03 in August
• Special 95: Dh3.30 — from Dh3.92 in August
• Diesel: Dh3.87 — from Dh4.14 in August
• E-plus 91: Dh3.22— from Dh3.84 in August
The prices announced by the UAE Fuel Price Committee in July were the highest so far since they were liberalised in 2015, to allow them to move in line with the market.
In 2020, prices were frozen by the Fuel Price Committee after the onset of the coronavirus pandemic. The controls were removed in March 2021 to reflect the movement of the market.
The rise in fuel prices in the UAE has led to some drivers seeking alternative modes of transport.
About 52 per cent of UAE residents are considering a switch to hybrid or electric vehicles, a survey by Audi Abu Dhabi found in May.
Oil prices, which rose more than 67 per cent last year amid a faster-than-expected economic rebound, have been volatile in recent days, having returned to more than $100 per barrel after dipping back below that level earlier this month.
Brent, the benchmark for two thirds of the world's oil, was trading 3.4 per cent lower at $95.93 a barrel at 3.27pm UAE time. West Texas Intermediate, the gauge that tracks US crude, was down 2.86 per cent at $89.02 a barrel.
Oil prices fell more than 5 per cent on Tuesday on fears of sluggish demand amid growing signs of a slowdown in global economies.
The volatility has come amid fears of tighter supply with Russia intensifying its offensive in Ukraine and clashes in Libya.
Iraq, Opec's second-largest producer, has also been hit by political upheaval this week.
Opec+ convenes on September 5 after a warning from leading member Saudi Arabia that an agreement to reduce production was possible as oil futures didn’t reflect fundamentals. Other states in the alliance signalled their support.
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