UAE residents with new and used cars will now be paying less at gas stations! On Thursday, the UAE fuel price committee announced the prices for the month of September.
For drivers who use Special 95, there is a cut of more than 4%.
Here is the breakdown of the fuel prices for the month of September:
- Special 95: AED 2.16, down from 2.26 in August (dropped by 4.6%)
- Special 98: AED 2.26, down from 2.37 in August (dropped by 3.8%)
- Diesel: AED 2.38, down from 2.42 in August (dropped by 1.7%)
Drivers started 2019 with a significant fall in the fuel prices as the price of Special 95 fell below AED 2 per litre.
The relaxation was short-lived though as fuel prices continued to hike in the coming months until a 10% drop was recorded in July. The prices then rose again by about 3% in August.
The oil markets have been fluctuating quite a bit. According to a recent report from Oxford Economics, “The oil market has been through a period of oversupply but from a fundamental perspective the worst appears to be over for now.”
“On the supply side, the Opec+ group is working hard to underpin prices and compliance with promised cutbacks has been surprisingly high, reaching 134 per cent in July”
The report also mentioned that the forecast for Brent had fallen from $66 per barrel to $63 per barrel.