- There will be a slight hike in fuel prices in the UAE for the month of September
The Ministry of Energy and Industry announced fuel prices for September and the price includes VAT.
The per-litre prices are Super 98 at Dh2.59 (from Dh2.57 in August) and Special 95 at Dh2.48 (from Dh2.46 in August).
Diesel price has been fixed at Dh2.64 per litre (from Dh2.63 in August).
The oil price rose towards its highest since early July on Tuesday, due to still-modest increases in output from the Organisation of the Petroleum Exporting Countries (Opec) and improving Chinese refining demand.
The monitoring committee of Opec found that oil producers participating in a supply-reduction agreement, which includes non-Opec member Russia, cut output in July by 9 per cent more than called for.
Opec and allies including Russia had boosted oil production in July, offering relief to consumers after Saudi Arabia secured a last-minute deal to overcome Iran’s veto threat. “We have an agreement for a ‘nominal’ production increase of 1 million barrels a day”, Saudi Energy Minister Khalid Al Falih told reporters in Vienna after the Opec meet in June.
Brent crude oil futures were at $76.65 (Dh281.53) a barrel by 09:13 GMT, up 44 cents from their last close and at their highest since July 11, while US crude futures were up 17 cents at $69.04 a barrel. Investors are now more confident that supply is likely to fall short of demand in the coming months, as reflected by a narrowing in the discount, or spread, between the October and November Brent futures contracts to around 26 cents a barrel, half of what it was a month ago.
News Source: Link