Petrol prices in the UAE might slightly decrease in September if oil prices remain low in the upcoming days.
Oil prices have been on a downward trend due to Opec+’s decision to increase output in September, with Brent crude recently closing at $65 a barrel. However, there has been a slight recovery in recent sessions.
In August, Brent crude averaged around $66.91 per barrel, lower than the July average of $69.87.
Stay informed with the latest updates. Follow KT on WhatsApp Channels.
Every month, usually on the last day, the UAE revises petrol prices based on global oil market trends.
As of Sunday evening, Brent and WTI were priced at $67.73 and $63.66 per barrel, respectively.
In August, UAE petrol prices saw a slight reduction compared to the previous month.
The price of Super 98 petrol is Dh2.69 per litre in August, down from Dh2.70 in July; Special 95 petrol is now Dh2.57 per litre, reduced from Dh2.58 last month. Similarly, E-Plus 91 petrol dropped by one fil to Dh2.50.
Petrol prices are crucial for the budgets of cost-conscious residents and motorists. With the UAE’s growing population, the number of vehicles is also increasing.
Ole Hansen, head of commodity strategy at Saxo Bank, noted that crude oil has been trading in a tight range, supported by strong US refinery demand, inventory draws, and rising exports, while limited summer liquidity has restricted rallies.
“Geopolitical factors, including Russia-Ukraine peace efforts and US pressure on India’s Russian imports, provide short-term support, but any easing of sanctions will likely be gradual. Opec+ supply growth and slowing demand growth continue to exert medium-term pressure, keeping prices within a range for now,” Hansen stated.
