UAE: Will petrol, diesel prices remain steady in September?

The UAE fuel price committee will on Thursday announce a revision in petrol and diesel prices for the month of September 2023 to bring it in line with global rates. The UAE’s fuel price committee reviews prices of the fuel every month. In 2015, UAE liberalised petrol prices, allowing prices to move in tandem with global trends.

Earlier, for the month of August, both petrol and diesel prices in UAE were raised the the highest in three months and four months respectively in tandem with a rise in global rates. The price of Super 98 petrol for the month of August was raised to 3.14 dirhams a litre, compared to 3.00 dirhams a litre in July, while Special 95 to 3.02 dirhams a litre, compared to 2.89 dirhams a litre in the previous month. Diesel rates were raised to 2.95 dirhams a litre, compared to 2.76 dirhams a litre the previous month.

In global markets, oil was trading at around at $84.70 a barrel, roughly at the same level since the start of this month. However, since the start of the third quarter, Brent crude prices global crude prices are up 12%.


While OPEC+ driven supply cuts have helped support prices, crude is struggling to move higher amid demand worries from the world's two biggest economies - the U.S. and China - and the prospects of further rate hike from the US Federal Reserve.

Federal Reserve Chair Jerome Powell on Friday said the U.S. central bank may need to raise rates further to cool stubborn inflation. Investors also remain wary ahead of a slew of economic data from US which might provide further cues on Fed’s monetary policy after the Fed chair reiterated the need for higher rates to curb inflation.

In China, despite many attempts by Beijing to shore up activity in the world's biggest oil importer, the post post-pandemic economic recovery has sputtered due to a worsening property slump, weak consumer spending and tumbling credit growth.