The Ministry of Energy has declared UAE fuel prices for October 2017 and surprisingly it was the highest increase since September 2015. The UAE fuel prices for October 2017 jumped by over 5% making both petrol and diesel gain at least 10fils to its cost.
The new price per liter for Super 98 will be Dh2.12 (up from Dh2.01), Super 95 will be sold for Dh2.01 in October (up from Dh1.90), E Plus-91 will cost Dh1.94 (up from Dh1.83), while the diesel price will be set at Dh2.10 (up from Dh2).
The price hike is a result of production cutback by Opec and its partners. Since the start of 2017, they are dropping around 1.8 million barrels daily.
“With a rising demand for oil due to steady global economic growth, an increase in geo-political tensions (including the Kurdish independence referendum), along with the increasing speculation of OPEC’s production extension, the oil prices have had a strong tailwind in recent days,” Mihir Kapadia, CEO and Founder of Sun Global Investments, has said.