The UAE Fuel Price Committee has officially announced the petrol and diesel prices for October 2024, effective from October 1. This month, motorists can expect a significant reduction in fuel costs, continuing a trend observed in recent months.
New Fuel Prices:
- Super 98 Petrol: Dh2.66 per litre, down from Dh2.90 in September.
- Special 95 Petrol: Dh2.54 per litre, decreased from Dh2.78.
- E-Plus 91 Petrol: Dh2.47 per litre, a reduction from Dh2.71.
- Diesel: Dh2.60 per litre, compared to the previous rate of Dh2.78.
The decrease in petrol prices was anticipated, as global oil prices have remained subdued throughout September. Brent oil prices averaged nearly $73 a barrel last month, down from $78.63 in August. Factors contributing to this decline include increased oil supply and reports of Saudi Arabia's plans to boost production.
In a notable market shift, oil prices dropped more than 4 percent within two days last week after Saudi Arabia indicated a move away from its $100 per barrel target, opting instead to increase output. This change in production strategy reflects the ongoing dynamics in the global oil market.
Since the UAE deregulated petrol prices in 2015, fuel rates have been aligned with global market trends and revised at the end of each month. The Fuel Price Committee's announcement reinforces the government's commitment to keeping fuel prices transparent and reflective of global changes.
Motorists are encouraged to take note of these new rates and plan accordingly as they enjoy the benefits of decreased fuel prices this October.
News Source: Khaleej Times
