The United Arab Emirates (UAE) announced a reduction in fuel prices for September 2024, offering relief to consumers amid fluctuating global oil markets.
Effective from September 1, the price of Super 98 petrol will decrease to Dh2.90 per litre, down from Dh3.05. Special 95 will now cost Dh2.78 per litre, reduced from Dh2.93. E-Plus 91 will be priced at Dh2.71, a drop from Dh2.86, while diesel will also see a reduction to Dh2.78 per litre, previously Dh2.95.
The price adjustments come in response to recent trends in global oil markets, reflecting a decline in both Brent crude and WTI crude oil prices. Brent crude has fallen to $78.80 per barrel, while WTI crude is at $73.55.
This decrease is attributed to anticipated increases in OPEC+ oil supply in October and lowered expectations for a US interest rate cut.
OPEC+ plans to boost oil output to offset production losses from Libya, which has been affected by internal conflicts, and from Iraq, which has faced supply reductions following instances of overproduction.
