UAE set to announce fuel prices for September: Will rates go up or down?

Retail prices were hiked in June and July as oil prices spiked but reduced in August



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by

Waheed Abbas

Published: Tue 30 Aug 2022, 6:52 PM

Last updated: Wed 31 Aug 2022, 6:34 PM

The UAE will announce retail fuel prices for the month of September either today or tomorrow as part of its policy announced in 2015 to deregulate prices to bring them in line with global rates.

Over the last few months, the UAE’s fuel price committee has been announcing revised rates on the last day of each month.

Retail fuel prices were hiked in June and July as oil prices spiked but reduced in August after global prices plunged due to the fear of global recession and slowdown in the Chinese economy.

Petrol prices crossed Dh4 per litre for the first time in June and reached a peak in July. For August, the government slashed fuel prices by 60 fils per litre.

According to Statista, monthly Brent crude oil price averaged around $104.58 per barrel in April, $113.34 in May, $122.71 in June and $111.93 in July.

On Tuesday, Brent was trading at $100.3 per barrel at 6.15pm UAE time, down by 4.6 per cent or $4.8 a barrel on fears that an inflation-induced weakening of global economies would soften fuel demand and as Iraqi crude exports have been unaffected by clashes.

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As of August 22, retail fuel prices in the UAE were cheaper than most of the countries around the world including many oil-producing countries such as Norway, according to globalpetrolprices.com.

The data showed that the global price of petrol averaged around 4.98 per litre as compared to Dh3.92 per litre, down by over 21 per cent.

However, an announcement about the UAE fuel prices for the month of September will be announced by the committee either today or tomorrow.


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