Petrol prices across the UAE will drop in October, it has been announced.
Prices rose sharply earlier this year on the back of sustained high global oil prices, but fell in both August and September as oil prices eased.
The breakdown price per litre for October is as follows:
• Super 98: Dh3.03— from Dh3.41 in September
• Special 95: Dh2.92 — from Dh3.30 in September
• Diesel: Dh3.76 — from Dh3.87 in September
• E-plus 91: Dh2.85— from Dh3.22 in September
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.
Crude prices have been extremely volatile in recent days. Global recession fears have continued to weigh on the market as the world's central banks tighten monetary policy to curb soaring inflation.
Prices were headed for their first weekly gain in five weeks on Friday, underpinned by a weaker US dollar and the possibility that Opec+ may agree to cut crude output when it meets on October 5.
“A deteriorating crude demand outlook won’t allow oil to rally until energy traders are confident that Opec+ will slash output at the October 5 meeting,” said Edward Moya, a senior market analyst at Oanda.
“The weakness with crude prices is somewhat limited as the dollar softens going into quarter-end … The rally in the dollar is far from over, but it could take a break over the next 24 hours.”
The super group of oil producers, led by Saudi Arabia and Russia, agreed earlier this month to cut its October output by 100,000 barrels per day, reverting to August production levels to support prices.
Brent, the benchmark for two thirds of the world's oil, was up 0.84 per cent at $89.23 a barrel at 2.45pm UAE time. West Texas Intermediate, the gauge that tracks US crude, was trading 0.46 per cent to $81.60 a barrel.
Oil prices rose more than 67 per cent last year amid a faster-than-expected global economic rebound.