The UAE announced retail fuel prices on 30th September for the month of October. The fuel price committee raised the retail rates for Super 98, Special 95, and E-Plus 91 for the month of October. The increase is about 3 fils per liter.
Latest petrol prices for October are as follows:
| Category |
Price per litre (October) |
Price per litre (September) |
Difference |
| Super 98 petrol | Dh3.44 | Dh3.42 | 2 fils |
| Special 95 petrol | Dh3.33 | Dh3.31 | 2 fils |
| E-plus 91 petrol | Dh3.26 | Dh3.23 | 3 fils |
The new prices are likely to cost you around AED 1.5 to 8.5 more per full tank. These calculations are based on average fuel tank capacity of different types of vehicles, ranging from 50 liters tank for Compact cars to around 70 liters for SUVs.
In 2015, the UAE decided to adjust local retail fuel prices according to global rates. Therefore, authorities revise the prices each month.
Prices of oil increased by over $12 a barrel Globally, in September. Similarly, Brent traded at $83.87 on August 28, rising to $97.41 on September 28. Reasons of this rise were increased global demand, decreased crude output and a drop in US crude stocks.
This rise in global prices is reflected in increased fuel prices for the month of October. Consequently, analysts foresee the oil prices to increase further. They are likely to touch $100 a barrel in coming days.
“Record worldwide demand and a large decrease in production of oil by OPEC+ have brought back the ghost of $100 per barrel. This highlights that the fight against inflation is far from over,” said Hani Abuagla, senior market analyst at XTB Mena.
The analyst further added that Saudi Arabia announced an additional production cut of 1 million barrels a day in the summer. Also, Russia cut its oil exports by 0.3 million barrels per day. This reduction in petroleum production will continue till end of this year. The market forecast was a deficit of 2 million barrels per day by end of this year. Now, it is clear that this deficit will be even greater.
