The UAE’s Fuel Price Committee has taken a decisive step on Thursday, one that can hardly be described as straightforward. In a move that signifies a significant departure from the norm, the committee has chosen to increase the retail prices of both petrol and diesel for the month of September. This marks the third consecutive month in which prices have experienced an upward trend.
With the new pricing structure coming into effect on September 1, motorists will find themselves paying notably more at the pump. The cost of Super 98 petrol, for instance, will witness a substantial rise from its previous price of Dh3.14 in August to Dh3.42 per litre, reflecting a significant increase of 28 fils, or approximately 8.9 percent. Meanwhile, the price of Special 95 petrol, a staple choice for many, will ascend from Dh3.02 in August to Dh3.31 per litre in September. This translates to an increase of 29 fils, or approximately 9.6 percent. Similarly, E-Plus 91, priced at Dh3.23, will be subjected to a 9.5 percent hike, amounting to an additional 28 fils.
Diesel, too, has not been spared from this surge. The price of diesel will undergo an increase of 15.25 percent, equating to 45 fils, ultimately setting the new price at Dh3.4 per litre.
Intriguingly, these price adjustments come against the backdrop of Brent crude oil prices, which held steady in the $80s per barrel range throughout August. The pricing fluctuated within the range of $84.91 to $87.55. Of note, the zenith of $87.55 was reached on August 9, only to experience a subsequent retreat as the month progressed.
This notable rise in fuel prices is a reflection of various intricate factors at play in the global energy landscape, which in turn impacts the UAE’s local market. While global oil prices have maintained a presence in the $80s range, it has become evident that these influences have led the UAE’s Fuel Price Committee to implement these substantial price adjustments. In doing so, they have unveiled a pricing paradigm that defies easy predictions and underscores the intricate relationship between global oil markets and local economic considerations.
