The UAE’s Fuel Price Committee is set to reveal the retail prices of petrol and diesel for the upcoming month of September. This announcement, scheduled for Thursday, August 31, aims to ensure that local prices align with the prevailing global rates.
During the month of August, motorists experienced a moderate increase in petrol prices, witnessing a rise of around 14 fils. Notably, Super 98, Special 95, and E-Plus were trading at Dh3.14, Dh3.02, and Dh2.95 per litre, respectively. In contrast, the average retail petrol price for August settled at Dh3.02 per litre. This figure stands considerably lower than the global average of Dh4.93 per litre.
Turning our attention to the global oil landscape, we observe a recent dip in Brent prices. After reaching a peak of $87.55 on August 9, Brent prices slid to $84.41 by the early trade of August 29. Concurrently, WTI (West Texas Intermediate) crude oil was trading at $80.08 per barrel at 9 am UAE time. These fluctuations come amidst ongoing complexities in the oil market.
Internationally, the crude oil market faced its second consecutive weekly loss, partly attributed to increased oil supplies from countries like Iran and Venezuela. These augmented supplies have been working to counterbalance cuts implemented by the OPEC+ alliance. Notably, China’s stimulus announcements this week exerted an upward pressure on prices. As a result, WTI managed to rebound above the $80 mark, while Brent approached the $85 per barrel threshold.
Currently, oil prices are holding steady, almost mirroring the levels observed at the beginning of the month. However, a slight uptick was noted in the second week of August. This brings us to an eagerly awaited conclusion – local fuel prices may undergo adjustments based on these developments. A significant official announcement is expected on Thursday, August 31, shedding light on the future of fuel costs for the people of UAE.
As the global oil market continues its intricate dance, these fluctuations will undoubtedly impact the daily lives of individuals across the nation. Stay tuned for the impending news that will unveil the September fuel prices and their implications for the common people
