The Fuel Price Committee declared UAE fuel prices for October 2022 yesterday. The good news for motorists – they have to dish out less on petrol pumps to fill their tanks from today.
The fuel costs jumped up at the start of this year owing to continuously high global oil prices. However, the prices are declining since August, so October is the third month in a row to witness a decline.
Here’s the price difference between September and October:
• Super 98 will sell at Dh3.03 per litre – from Dh3.41 in September
• Special 95 will cost Dh2.92 per litre – from Dh3.30 in September
• Diesel per litre will require a payment of Dh3.76 – from Dh3.87 in September
• E-plus 91 will be available for Dh2.85 – from Dh3.22 in September
Since the fuel price committee relaxed the fuel prices in 2015, the July 2022 was the most expensive for fuel consumers.
Remember the prices were frozen by the Committee in 2020 after the coronavirus pandemic struck the world. The Committee removed the restrictions and liberalised the prices in March 2021.
After five weeks of weak demand, the prices jumped yesterday, supported by a weaker United States Dollar and the likelihood of cutting output by Opec+ on their next meeting on October 5.
“A deteriorating crude demand outlook won’t allow oil to rally until energy traders are confident that Opec+ will slash output at the October 5 meeting,” stated Edward Moya, an executive market analyst at Oanda.
“The weakness with crude prices is somewhat limited as the dollar softens going into quarter-end … The rally in the dollar is far from over, but it could take a break over the next 24 hours.”
The group of most significant oil producers, managed by Saudi Arabia and Russia, earlier approved cutting of 100,000 barrels per day, to make the production equal to August levels.
After that the Brent, which is a standard for two thirds of the world’s oil, went up by 0.84 per cent and was selling at $89.23 yesterday. West Texas Intermediate, the standard that follows US crude, was up by 0.46 per cent at $81.60 a barrel.
It is worth noting that fuel costs went up by over 67 per cent in 2021 amid a quicker-than-imagined worldwide economic rebound.
Source and Image: National.ae