The fuel price committee increased retail prices for Super 98, Special 95, and E-Plus 91 by 0.06 fils per litre in August compared to the previous month
The UAE fuel price committee will soon revise retail fuel prices for September to align them with global rates.
Since the government deregulated oil prices in August 2015, the UAE has been adjusting retail petrol prices on the last day of each month to align with global rates. Each month, the Ministry of Energy sets fuel prices based on the average global oil prices, whether they have gone up or down.
The retail prices also include the operating costs of distribution companies.
Petrol prices were slightly revised upward by as much as 0.06 fils per litre in August compared to the previous month, with Super 98, Special 95, and E-Plus 91 priced at Dhs3.05, Dhs2.93, and Dhs2.86 per litre, respectively.
Meanwhile, the cost of diesel rose marginally to Dhs2.95 in August compared to Dh2.89 the previous month.
Global oil prices stabilised in early trading on Friday as investors weighed supply concerns in the Middle East against signs of weakened demand. More than half of Libya’s oil production, or about 700,000 barrels per day (bpd), was offline on Thursday, and exports were halted at several ports following a standoff between rival political factions.
Similarly, Iraqi supplies are also expected to shrink after the country’s output surpassed its quota agreed with OPEC+, a source with knowledge of the matter told Reuters. Iraq plans to reduce its oil output to between 3.85 million and 3.9 million bpd next month.
Brent crude traded near $80.32 a barrel, up $0.38 or 0.48 per cent, as of 10:30 GST on August 30, while US West Texas Intermediate (WTI) crude futures rose by $0.27 or 0.37 per cent to $76.17 a barrel.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, together known as OPEC+, is set to gradually phase out voluntary production cuts of 2.2 million bpd over the course of a year from October 2024 to September 2025.
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