UAE petrol and diesel prices predictions for September 2024

The UAE fuel price committee will soon revise retail fuel prices for September to align them with the global rates. Since the government deregulated oil prices in August 2015, the United Arab Emirates has been adjusting retail petrol prices on the last day of each month to align with the global gas rates. 

The Ministry of Energy sets fuel prices based on average global oil prices. The retail prices also include the operating costs of distribution companies. Petrol prices were slightly revised upward by as much as 0.06 fils per litre in August compared to the previous month with Super 98, Super 95, and E Plus 91 priced at AED 3.05, AED 2.93, and AED 2.86 per litre respectively. Meanwhile, the cost of diesel rose marginally to AED 2.95 in August compared to AED 2.89 in July. 

Global oil prices stabilised in early trading hours yesterday as investors weighed supply concerns in the Middle East against signs of a weekend demand. More than half of Libya’s oil production (70000 barrels per day) was cut off on Thursday and exports were halted at several ports caused by indifference and political standoffs between different factions.

According to sources, Iraqi supplies are also expected to shrink after the country’s output surpassed its quota agreed with OPEC. Iraq plans to reduce its oil output to between 3.85 million and 3.9 million barrels per day in September.

Brent Crude traded $80.32 per barrel, up $0.38 or 0.48 per cent as of August 30, while the US West Texas Intermediate (WTI) crude futures rose by $0.27 or 0.37 percent to $76.17 a barrel. OPEC is generally trying to cut 2.2 million barrels per day over the course of Oct 2024 to Sept 2025.