UAE fuel prices out today: Motorists to see another price rise in October?
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, the international standard, hovered at $105 a barrel since the start of the week. Last week, Brent…
Dubai: UAE motorists may face another fuel price increase in October following global oil prices remaining high throughout September, although improved regional supply routes could mitigate some of the impact. Brent crude, the global benchmark, averaged $105 per barrel during the week. Last week, Brent briefly dropped to $97 levels.
The price is uncertain due to potential conflict with Iran and its effect on oil flow from the Middle East, including the Strait of Hormuz. This leaves Brent nearly 50% higher than the roughly $72 per barrel seen in late February before the Iran conflict and about $40 more than the same point last year. For the UAE, the key factor for October is not a single day's Brent price but the overall September trend.
With oil spending consistently high this month, the pressure on the upcoming fuel-price review has increased.
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