The UAE’s Fuel Price Committee will announce retail petrol and diesel prices for the month of September on Thursday, August 31, to bring it in line with the global rates.
Petrol prices rose by around 14 fils in August with Super 98, Special 95 and E-Plus trading at Dh3.14, Dh3.02 and Dh2.95 per litre, respectively.
Retail petrol prices averaged Dh3.02 per litre in August, much lower than the global average of Dh4.93 a litre.
As of Tuesday early morning, Brent prices slipped from this month’s peak of $87.55 on August 9 to $84.41 on August 29 early trade while WTI was trading at $80.08 a barrel at 9 am UAE time.
Globally, crude oil recorded its second consecutive weekly loss last week amid signs of additional oil supplies hitting the market from the likes of Iran and Venezuela which are helping to offset Opec+ cuts. This week, China’s stimulus announcements are pushing prices higher and WTI is back at $80-plus with Brent close to $85 a barrel.
Oil is currently trading at almost the same level as it was trading at the beginning of this month. But it saw a small spike in the second of week of this month.
Therefore, local prices could be adjusted accordingly when an official announcement is made on Thursday, August 31.
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