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UAE announces fuel prices for October 2020

UAE announces fuel prices for October 2020

Prices will remain unchanged for the seventh consecutive month in October

Fuel prices in the UAE will remain unchanged for the seventh consecutive month in October.

The UAE fuel price follow-up committee has approved the October per litre prices – including 5 per cent VAT – as follows:

Special (95): Dhs1.80
Super (98): Dhs1.91
Diesel: Dhs2.06

The UAE links fuel prices to global oil prices, which have been hovering around the $40 per barrel mark.

Prices have little room to gain in the fourth quarter because the recovery in global demand is slowing due to new coronavirus-related restrictions on the economy, Vitol Group executive committee member Chris Bake has said.

Libya’s output has almost tripled to 250,000 barrels a day, with production set to expand further as ships dock and load crude from storage tanks, allowing fields to pump more, according to people familiar with the matter.

Oil has eased this month after briefly climbing above $43 in late August with signs a resurgence in the outbreak could lead to more lockdown measures. The recovery is set to be long and gradual, Russia’s Energy Minister Alexander Novak said on Sunday, estimating global oil demand in 2020 will decline by as much as 10% from a year earlier.

With inputs from Bloomberg

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