The first centre will bring together academic researchers and practitioners from the private sector to develop and share best practices in responsible AI
business1 day ago
The UAE is set to revise retail petrol and diesel prices for October tomorrow to bring the local fuel prices in line with the global rates.
The UAE Fuel Price Committee hiked fuel prices for September by over nine per cent for petrol. Currently, Super 98 petrol costs Dh3.42 a litre, Special 95 priced at Dh3.31 per litre, and E-Plus at Dh3.23. Diesel is charged at Dh3.40 a litre. The prices have been increased for three consecutive months.
Since 2015, the UAE has aligned local retail fuel prices with global rates, hence, prices are revised at the end of every month to bring them in line with global rates.
Globally, oil prices jumped by over $12 a barrel in September. Brent was trading at $83.87 on August 28, which rose to $97.41 on September 28 due to a rise in global demand, crude output cut and a drop in US crude stocks.
This increase in global prices will be reflected when fuel prices are revised for the month of October in the UAE in a day or two.
Analysts expect that oil prices could rise further and may touch $100 a barrel in the days ahead. “Record global demand and a strong global production cut by Opec+ have brought back the ghost of $100 per barrel. This may indicate that the fight against inflation is far from over,” said Hani Abuagla, senior market analyst at XTB Mena.
“During the summer, Saudi Arabia announced an additional voluntary cut of 1 million barrels a day, and Russia cut exports by 0.3 million barrels per day. Both of these actions have been extended to the end of this year. “The market had earlier expected a deficit of 2 million barrels per day by year's end, but it's now clear that this deficit will be even greater!,” said Abuagala.
ALSO READ:
The first centre will bring together academic researchers and practitioners from the private sector to develop and share best practices in responsible AI
business1 day ago
The UAE has already signed CEPA with major trading partners such as India, Israel, Chile, Colombia, Turkey, Indonesia, Georgia and Cambodia
business1 day ago
New developments hold key to the future of work, expert says
business1 day ago
A year-on-year (YoY) increase of 20.2 per cent, or Dh135 billion, was recorded
business1 day ago
Course offers training in English language, interviewing skills, resume writing, and job search tips
business2 days ago
One of the key areas of focus under the MoU is marketing and promotion
business2 days ago
Sector increasingly intertwined with high-value investments
business2 days ago
Policyholders can get coverage limits of Dh25,000 or Dh50,000 for a 12-month term
business2 days ago