By Staff Reporter
Petrol prices could drop in the UAE for the month of October as global oil prices remained subdued in September.
Brent oil prices averaged nearly $73 a barrel in September compared to $78.63 a barrel in August due to multiple factors such as firmer supply and news about Saudi Arabia planning to increase production.
Oil lost more than 4 per cent in just two days last week after the news of Saudi planning to abandon the $100 per barrel target and increase output.
WTI and Brent closed at $68.81 and $71.98 a barrel, respectively, over the weekend.
Since UAE deregulated petrol prices in 2015 and aligned them with global rates, the rates are revised at the end of every month. The UAE’s Fuel Price Committee will officially announce retail petrol and diesel rates tomorrow to align them with the global rates.
In September, Super 98, Special 95 and E-Plus were revised down to Dh2.90, Dh2.78 and Dh2.71 per litre, respectively.
“The upbeat outlook from the OECD, the rising tensions in the Middle East, the 4.5-million barrel dive in US oil inventories last week (that pushed the US oil inventories to the lowest levels in 2.5 years) and the big stimulus measures from China did little to cheer oil investors up. US crude slipped below the $70 again, and remains under a visible selling pressure this morning. Investors continue to trim their net speculative long positions in crude despite price supportive factors,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.
Month Super 98 Special 95 E-Plus 91
January 2024 2.82 2.71 2.64
February 2.88 2.76 2.69
March 3.03 2.92 2.85
April 3.15 3.03 2.96
May 3.34 3.22 3.15
June 3.14 3.02 2.95
July 2.99 2.88 2.80
August 3.05 2.93 2.86
September 2.90 2.78 2.71
Source: Khaleej Times
