The UAE has recently implemented another round of increases in retail petrol and diesel prices for September. Specifically, petrol prices have surged by more than nine percent, while diesel prices have experienced an even more substantial increase, surpassing 15 percent. Notably, this marks the third consecutive month of fuel price hikes in the country.
The primary reason behind these continuous fuel price hikes is the global surge in crude oil prices. Crude oil serves as the fundamental raw material for producing gasoline and diesel, and its prices on the international market significantly impact fuel prices in the UAE. Various global factors can influence crude oil prices, including geopolitical tensions, supply and demand dynamics, production levels, and international agreements among oil-producing nations.
The repercussions of these fuel price increases are not limited to just the cost of filling up at the pump. They can have a broader impact on the economy, affecting transportation costs, consumer spending, and inflation.
The Fuel Price Committee in the UAE increased the prices of gasoline and diesel. Gasoline prices went up by more than 9%, and diesel prices rose by more than 15%. This is the third consecutive month of price increases.
Here are the new prices for September:
- Super 98 petrol will cost Dh3.42 per liter, up 8.9% from Dh3.14 in August.
- Special 95 petrol is now Dh3.31 per liter, up 9.6% from Dh3.02 in August.
- E-Plus 91 is priced at Dh3.23 per liter, which is 9.5% higher than in August.
The price of diesel has increased by 15.25%, which is equivalent to 45 fils, and it now costs Dh3.4 per liter. In August, the price of Brent crude oil, which is commonly used as a benchmark for fuel prices, fluctuated between the $80s per barrel. It reached its highest point of $87.55 on August 9th but later decreased during the month.
