UAE fuel prices for October: Will petrol, diesel costs rise again next month?
Dubai: UAE motorists could see fuel prices rise in October after global oil prices spent much of September at elevated levels, although improving regional supply routes could ease some of the pressure. Get updated faster and for FREE: Download the Gulf News app now - simply click here. Brent crude rose 2.3% to $101.52 a barrel on Wednesday, reversing a recent decline. Earlier in the session, the…
UAE motorists may face higher fuel costs in October following global oil price hikes in September, though regional supply routes could mitigate some of the impact. Brent crude oil rose 2.3% to $101.52 a barrel on Wednesday, up from $98.99 earlier in the session. This pushes Brent 41% above the $72 a barrel seen in late February before the Iran war.
The UAE's fuel prices have already risen compared to earlier this year, with Super 98 at Dh3.80 per litre, Special 95 at Dh3.69, and E-Plus 91 at Dh3.61. Diesel costs Dh4.30. To return to June's highs, Super 98 would need to increase by 15 fils, or around 3.9%, while Special 95 and E-Plus would need 14-fils and 15-fils increases respectively, or about 3.8% and 4.2%.
Saudi Arabia's East-West Pipeline restart, allowing crude to reach Red Sea ports without passing through the Hormuz Strait, could ease supply concerns. However, European customers may not receive oil allocations from this route in October. Diplomatic talks between the US and Iran continue, but no concrete agreement has been reached yet, contributing to oil price volatility.
Based on September's trend, the risk of an increase in UAE fuel prices has grown compared to a month ago.
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