UAE petrol prices drop for third consecutive month
Dubai - The Fuel Price Committee has made the announcement.
Motorists across the UAE celebrated fuel prices dropping for the third consecutive month, as the UAE Fuel Price Committee on Tuesday announced the revised fuel prices for the month of November 2019.
Super 98 petrol will now cost Dh2.20 per litre, down from the Dh2.24 a litre recorded in October, while Special 95 will cost Dh2.09 a litre, down from Dh2.12 a litre the previous month. Diesel prices have been set at Dh2.38 per litre, lower from Dh2.41 a litre in October. Fuel prices had previously witnessed a drop in both October and September.
Oil prices fell for a second day on Tuesday, with investors waiting on US crude inventory data for more insight into oil demand trends. This was amid concerns about global economic growth, and signs of a thawing in the US-China trade war. Brent futures were down 30 cents, or 0.5 per cent, at $61.27 a barrel by 0733 GMT, having fallen 0.7 per cent on Monday. US West Texas Intermediate (WTI) crude was down 40 cents, or 0.7 per cent, at $55.41, after falling 1.5 per cent in the previous session. US crude oil stockpiles at Cushing, Oklahoma, the delivery point for WTI, have risen by about 1.5 million barrels in the week through October 25.
Last week, Brent rose by more than four per cent, supported by a drop in US inventories and signs of an easing in trade tensions between Washington and Beijing, but worries on Monday about weaker economic growth offset hopes of a rise in oil demand even if trade talks progress. US crude inventories were forecast to have increased by around 7,00,000 barrels last week, according to a poll of Reuters analysts, having unexpectedly fallen the previous week, the first decline in six weeks.
The US Federal Reserve is expected to cut rates when it concludes its two-day meeting on Wednesday. A possible third rate cut will take the target range for the funds rate down to 1.5 per cent to 1.75 per cent. The last time the Fed reduced rates three times, while the economy was growing, was in 1998. However, after the third cut, it sent a strong signal that it was done.
The Fed cut rates for the first time since the Great Recession in late July, then followed that up in mid-September in a move to give the economy a little bit of extra padding to counter the risks on the horizon - uncertainty created by the US-China trade war and economic weakening in Asia and Europe.