UAE petrol prices cut to lowest level yet since Jan 2024; what to expect

The risk of a broader conflict in the Middle East is raising concerns about interruptions in oil supply, said one analyst

Waheed Abbas

Published: Mon 30 Sep 2024, 2:55 PM

Last updated: Mon 30 Sep 2024, 9:44 PM

Petrol prices were cut to the lowest level in the UAE since January 2024 for the month of October on Monday.

The UAE Fuel Price Committee on Monday slashed prices by Dh0.24 or over 8 per cent per litre for October to align them with the international oil rates.

In October, Super 98, Special 95 and E-Plus 91 will cost Dh2.66, Dh2.54 and Dh2.47 per litre compared to Dh2.90, Dh2.78 and Dh2.71 per litre in August, respectively.

Advertising

The previous lowest level this year was hit in January when Super 98, Special 95 and E-Plus were selling at Dh2.82, Dh2.71 and Dh2.64 per litre, respectively.

The UAE has been adjusting local petrol and diesel prices at the end of every month ever since the government deregulated oil prices in 2015.

In September, Brent oil fell below $70 a barrel. On Monday afternoon, Brent and WTI were trading down at $71.62 and $69.98 per barrel, respectively.

Milad Azar, market analyst at XTB Mena, said oil futures found some support on Monday amid growing worries about potential supply disruptions from Middle Eastern producers.

“The risk of a broader conflict in the Middle East is raising concerns about interruptions in oil supply. Supply disruptions could drive oil prices higher. As a result, traders could remain cautious and monitor new developments in the area,” he said.

Last week, prices had dropped due to worries about demand.

“Additional measures from China could help improve market sentiment and could help lift prices. Markets could also monitor demand levels in the US, another important market. US crude inventory figures to be published tomorrow and Wednesday could affect demand expectations,” he said.

Month	Super 98	Special 95	E-Plus 91
January 2024	2.82	2.71	2.64
February	2.88	2.76	2.69
March	3.03	2.92	2.85
April	3.15	3.03	2.96
May	3.34	3.22	3.15
June	3.14	3.02	2.95
July	2.99	2.88	2.80
August	3.05	2.93	2.86
September	2.90	2.78	2.71
October	2.66	2.54	2.47