Crude surge echoes in UAE fuel prices
A surge in crude oil following a deal struck after a meeting of Organisation of Petroleum Exporting Countries (Opec) has echoed in the domestic fuel prices in UAE.
Prices of petrol and diesel for October have gone up across refilling stations in the country as Brent Crude rose above $48 a barrel following the oil producers’ agreement to cut production for the first time since 2008.
On Thursday, the UAE Ministry of Energy announced the new prices, which will take effect on October 1.
Super 98 grade petrol will be sold for AED1.81 per litre, up from AED1.75 in September, while Special 95 will be retailed at AED1.70 per litre in June, instead of previous month’s AED1.64. Motorists will pay AED1.63 for E Plus 91 next month, up from AED1.57 on August 31.
Diesel price has been increased from AED1.72 per litre to AED1.76 per litre.
In July last year, the country decided to do away with petroleum subsidies, which were estimated at $7 billion annually, by deregulating domestic fuel against average international levels.
The government has been announcing fuel prices for each month ever since.