UAE: Petrol, diesel prices for September 2024 announced

The UAE announced the retail fuel prices for September 2024 on Saturday, reducing the rates by as much as 0.15 fils per litre compared to the previous month.

From September 1, 2024, Super 98 petrol will cost Dhs2.90 a litre, down from Dhs3.05 a litre in August, while Special 95 will cost Dhs2.78 a litre, down from Dhs2.93 a month earlier.

Diesel will cost Dhs2.78 a litre in September compared to Dhs2.95 the previous month, while the price of E-plus 91 dropped to Dhs2.71 compared to Dhs2.86 the previous month.

The UAE has been revising retail petrol prices on the last day of the month ever since the government deregulated oil prices in August 2015 to bring them at par with the global rates.

The approved fuel prices by the Ministry of Energy, according to the average global price of oil, whether up or down, after adding the operating costs of distribution companies.

In August, the fuel price committee slightly increased the retail rates for Super 98, Special 95, and E-Plus 91 by as much as 0.06 fils per litre.

Meanwhile, global oil prices retreated on Friday as investors weighed expectations of a rise in OPEC+ supply starting in October and dwindling hopes of a hefty US interest rate cut next month following data showing strong consumer spending.

Brent crude for October deliveries, which expire on Friday, traded near $78.80 a barrel, down $1.14 lower, or 1.43 per cent, as of 11:21 GST on August 31, while US West Texas Intermediate (WTI) crude futures dropped by $2.36, or 3.11 per cent to $73.55, a drop of 1.7 per cent in the week and a 3.6 per cent decline in August.

The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, is set to proceed with a planned oil output hike from October, as the Libyan outages and pledged cuts by some members to compensate for overproduction counter the impact of sluggish demand, sources familiar with the matter told Reuters.

Libya’s National Oil Corporation said recent oilfield closures have knocked out approximately 63 per cent of the country’s total oil production as a conflict between rival eastern and western factions continues.

Elsewhere, Iraqi supplies are expected to shrink after the country’s output surpassed its OPEC+ quota.

Read: UAE: Petrol, diesel prices for August 2024 announced