UAE: How Much Will Petrol Prices Change In October?

Petrol prices in the UAE are expected to see a slight adjustment in October, as global oil prices have remained largely stable in August compared to the previous month.

The UAE's fuel price committee determines the retail prices for petrol and diesel at the end of each month, based on global oil market trends from the preceding month.

So far in August, the average closing price of Brent crude has been $67.03 per barrel - a marginal increase from $66.90 per barrel recorded last month.

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The UAE deregulated petrol prices in 2015 to align them with the international rate.

In the UAE, Super 98 costs Dh2.70 a litre in September, Special 95 at Dh2.58, and E-Plus at Dh2.51.

Petrol prices play a significant role in any economy as fluctuations can influence inflation rates, consumer spending, and operational costs for businesses, particularly in sectors like logistics and construction. Additionally, fuel prices directly affect airline operations and shipping, making them a key factor in maintaining a competitive advantage in global commerce.

Vijay Valecha, Chief Investment Officer, Century Financial, said oil prices have been pressured downward recently by the news that Iraq, the Kurdistan Regional Government, and international oil companies have reached an agreement to resume crude exports via the pipeline to Turkey's Mediterranean coast.

“The deal is set to resolve a two-year payment dispute, unlocking around 230,000 barrels per day of additional supply at a time when the market is already facing surplus forecasts, weighing further on prices. On the geopolitical front, risks remain centred around Russia's energy sector. Ukraine has escalated strikes on Moscow's energy infrastructure, while Western nations continue to debate additional measures to restrict Russian oil exports,” said Valecha.

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