The Ministry of Energy and Industry UAE has slightly increased the fuel prices for September 2018. The Super 98 will sell at Dh2.59 (from Dh2.57 in August) and Special 95 at Dh2.48 (from Dh2.46 in August). The diesel price increase is also marginal at Dh2.64 (from Dh2.63 in August). All the new prices include VAT.

The UAE oil prices are rising since the start of this year owing to 9 percent more cut in supply-reduction (the only reduction we saw was in July 2018). Although Organization of the Petroleum Exporting Countries (Opec) and allies had increased the production a little bit that increase is negligible considering rising Chinese refining demand. However, oil prices slipped a little recently owing to an increase in US inventories.

“Heading into the fourth quarter of 2018, we expect rising non-Opec oil production as supply outages abate and greenfield projects ramp up. Non-Opec supply outages are at a 15-month high of 730,000 bpd. However, nearly half of these volumes are in the process of being restored,” the US bank stated.