UAE to announce petrol, diesel prices for October; will rates decrease?

The UAE fuel price committee is set to announce petrol and diesel prices for the month of October soon.

The country 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 fuel price committee increased the retail rates for Super 98, Special 95, and E-Plus 91 by as much as 28 fils per litre in September from the previous month, rising for the third month in a row.

For the month of September, a litre of Super 98, Special 95 and E-Plus were priced at Dhs3.42, Dhs3.31 and Dhs3.23, respectively.

The price of diesel was also increased by 45 fils to Dhs3.40 in September compared to Dhs2.95 the previous month.

Meanwhile, global oil prices have been on the rise since the Organization of the Petroleum Exporting Countries and its partners (known as OPEC+) agreed to extend oil production cuts they announced in April through the end of 2024.

Oil has gained about 25 per cent since June and is heading for the biggest quarterly gain since March 2022 on supply curbs by OPEC+ leaders Saudi Arabia and Russia.

Brent for November settlement dropped $1.12 or 1.25 per cent to settle at $92.13 a barrel, as at 11:37 am GST on September.

OPEC+ pumps approximately 40 per cent of the world’s crude and policy decisions can have a significant impact on prices.

Month	Super 98	Special 95	EPlus 91	Diesel
January	2.78	2.67	2.59	3.29
February	3.05	2.93	2.86	3.38
March	3.09	2.97	2.90	3.14
April	3.01	2.90	2.82	3.03
May	3.16	3.05	2.79	2.91
June	2.95	2.84	2.76	2.68
July	3.00	2.89	2.81	2.76
August	3.14	3.02	2.95	2.95
September	3.42	3.31	3.23	3.40

Read: UAE announces petrol, diesel prices for September 2023