Petrol prices in the UAE have been reduced to their lowest levels since January 2024, following a decision by the UAE Fuel Price Committee on Monday. The committee announced a significant price cut of Dh0.24 per litre, or more than 8%, for the month of October, aligning domestic fuel costs with international oil prices.
Starting in October, motorists in the UAE will pay Dh2.66 per litre for Super 98, Dh2.54 for Special 95, and Dh2.47 for E-Plus 91. This marks a substantial decrease from August prices, where Super 98 was priced at Dh2.90 per litre, Special 95 at Dh2.78, and E-Plus 91 at Dh2.71.
The last time prices were this low was in January 2024, when Super 98 was sold at Dh2.82 per litre, Special 95 at Dh2.71, and E-Plus 91 at Dh2.64. Since the UAE government deregulated fuel prices in 2015, the country has been adjusting petrol and diesel prices at the end of every month to reflect global oil market trends.
In September, global oil prices took a downturn, with Brent crude oil dipping below $70 a barrel. As of Monday afternoon, Brent was trading at $71.62 per barrel, while West Texas Intermediate (WTI) stood at $69.98 per barrel.
Market analyst Milad Azar from XTB Mena commented on the recent fluctuations in oil prices. He noted that oil futures found some support due to concerns over potential supply disruptions from producers in the Middle East, driven by the risk of a broader conflict in the region.
“The possibility of a wider conflict in the Middle East is raising fears of interruptions in oil supply, which could push prices higher. Traders are expected to remain cautious and keep an eye on new developments in the area,” Azar said.
Despite the recent price cut, oil prices had been dropping last week over concerns about weakening global demand. Azar suggested that measures from China could help improve market sentiment, potentially stabilizing prices. Additionally, he noted that upcoming U.S. crude inventory figures, set to be released on Tuesday and Wednesday, could also influence demand expectations in one of the world’s largest oil markets.
With the continued volatility in global oil prices, the UAE Fuel Price Committee’s adjustments ensure that local fuel prices remain competitive and reflective of international trends.
