The UAE is likely to announce the fuel prices for October today or tomorrow to bring local fuel rates in line with global prices.
The authorities of the UAE have revealed the revised fuel rates on the last day of each month for the past three months.
Previously, fuel prices used to be announced in the last week of every month, ever since UAE announced deregulation in 2015.
The UAE authorities scored retail fuel prices for the past two months of this year.
In August and September, fuel prices were reduced by around Dh1.4 per litre in the path of a reduction in energy prices due to fear of recessions gripping the global economy.
The Retail fuel prices crossed Dh4 per litre mark for the first time in June 2022 since UAE revealed deregulation in 2015 and called a peak of Dh4.63 per litre in July 2022.
During the month of September this year, Super 98 petrol costs Dh3.41 per litre, Special 95 at Dh3.30 and E-Plus 91 at Dh3.22 – while diesel has been priced at Dh3.87 a litre.
Earlier this week of the month, global oil prices dropped to their lowest levels since January this year following fears of a coming global recession. Brent was trading at $89.6 and WTI at $82.39 a barrel on Thursday afternoon.
According to the report from globalpetrolprices.com, the average petrol cost in the UAE is Dh3.3 per litre, which is much more affordable than the global standard petrol price of Dh4.66 per litre.
In an Interview, Saif Humaid Al Falasi, group CEO at Enoc, a leading fuel retailer in the UAE, said, “The fuel consumption has not reached the pre-pandemic level, and it is still down by around 15 per cent, but volume is increasing rapidly, especially in the jet fuel segment. Retail fuel is also coming up slowly but is still 10-15 per cent below the pre-pandemic level.”