UAE cuts petrol, diesel prices for October 2024

The UAE announced the retail fuel prices for October 2024 on Monday, reducing the rates by as much as 0.24 fils per litre compared to the previous month.

From October 1, 2024, Super 98 petrol will cost Dhs2.66 a litre, down from Dhs2.90 a litre in September, while Special 95 will cost Dhs2.54 a litre, down from Dhs2.78 a month earlier.

Diesel will cost Dhs2.60 a litre in October compared to Dhs2.78 the previous month, while the price of E-plus 91 dropped to Dhs2.47 compared to Dhs2.71 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 September, the fuel price committee reduced the retail rates for Super 98, Special 95, and E-Plus 91 by as much as 0.15 fils per litre.

Meanwhile, global oil prices extended gains on Monday, driven by concerns over potential supply pressures from Middle East producers after Israel stepped up its attacks on the Hezbollah in Lebanon and Yemen’s Houthis.

Brent crude for November deliveries increased 33 cents, or 0.46 per cent, to $72.31 as of 08:43 GST on September 30, while US West Texas Intermediate (WTI) crude futures rose by 30 cents, or 0.54 per cent to $68.45.

Last week, Brent fell around 3 per cent, while WTI fell by around 5 per cent as demand worries increased after fiscal stimulus from China, the world’s second-biggest economy and top oil importer, failed to reassure market confidence.

However, markets will be waiting to hear from Federal Reserve Chair Jerome Powell later on Monday for clues on the central bank’s speed of monetary easing, and seven other Fed policymakers are due to speak this week, according to ANZ analysts.

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