The UAE announced reduced retail fuel prices for September 2024, with a cut of up to 0.15 fils per litre compared to August.
Starting 1 September, Super 98 petrol will be priced at AED 2.90 per litre, down from AED 3.05 in August, while Special 95 will cost AED 2.78, a reduction from AED 2.93. Diesel prices will decrease to AED 2.78 per litre, down from AED 2.95, and E-plus 91 will drop to AED 2.71 from AED 2.86.
Since August 2015, the UAE has adjusted retail petrol prices monthly following the government’s deregulation of oil prices to align with global rates. The Ministry of Energy sets fuel prices based on the average global oil price, incorporating distribution companies’ operating costs.
In August, the fuel price committee slightly increased retail rates for Super 98, Special 95, and E-Plus 91 by up to 0.06 fils per litre.
On 31 August, global oil prices declined as investors anticipated a potential rise in OPEC+ supply in October and reduced expectations for a significant US interest rate cut. Brent crude for October delivery traded at $78.80 per barrel, a drop of $1.14 or 1.43 per cent, while US West Texas Intermediate (WTI) crude futures fell by $2.36 or 3.11 per cent to $73.55.
OPEC+ is expected to proceed with a planned oil output increase in October, with sources indicating that Libyan disruptions and voluntary cuts by some members will offset weak demand. Libya’s National Oil Corporation reported that recent closures have reduced the country’s oil production by 63 per cent due to ongoing conflicts. Iraq’s oil supplies are also expected to decrease after exceeding its OPEC+ production quota.