Adani Group denied the allegations as baseless, while Indian government officials haven't commented so far
business3 days ago
[Editor's Note: Fuel prices for September have been announced. Click here to know how much it will cost to get a full tank.]
Petrol prices in the UAE could drop for the month of September as global oil prices stayed on the lower side in August as compared to the previous month.
Since the UAE announced the deregulation of retail fuel rates in 2015, petrol prices have been revised at the end of every month to align them with global prices.
In August, local fuel prices in the UAE were slightly revised upward. Currently, Super 98, Special 95 and E-Plus are priced at Dh3.05, Dh2.93 and Dh2.86 per litre, respectively.
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The budget-conscious UAE motorists who travel distances look forward to monthly revisions in petrol prices to adjust their spending.
Brent oil averaged around $78.63 per barrel in the month of August as against $84 per barrel in July amidst weak demand from China and US crude stocks falling less than expected.
Brent mostly traded between the $76 to $80 barrel range in August but briefly jumped to $82 due to concerns about Libya cutting production and widening Middle East conflict.
Vijay Valecha, chief investment officer, Century Financial, said oil settled lower with the end of the summer driving season likely to weaken demand.
US crude oil stockpiles fell last week as refineries raised their capacity use, according to data released by the US Energy Information Administration.
Goldman also cuts the oil outlook by $5 a barrel to below $80, reflecting soft China demand and increased global supply, including from Opec+.
Oxford Economics expects oil prices to average $82.8 per barrel this year, before averaging $77.5 per barrel in 2025.
| 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 |
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