Petrol prices in the UAE reached their lowest point since January 2024 in October, according to a Monday announcement by the UAE Fuel Price Committee. The committee reduced prices by Dh0.24, or over 8 per cent per litre, for the month of October to match international oil rates. Specifically, Super 98, Special 95, and E-Plus 91 will now cost Dh2.66, Dh2.54, and Dh2.47 per litre, respectively, down from Dh2.90, Dh2.78, and Dh2.71 in August. The previous low for this year was recorded in January, when Super 98, Special 95, and E-Plus were priced at Dh2.82, Dh2.71, and Dh2.64 per litre.
Since the government deregulated oil prices in 2015, the UAE has been adjusting local petrol and diesel prices at the end of each month. In September, Brent oil prices dipped below $70 a barrel. As of Monday afternoon, Brent and WTI were trading at $71.62 and $69.98 per barrel, respectively. Milad Azar, a market analyst at XTB Mena, noted that oil futures saw some support on Monday due to concerns over potential supply disruptions from Middle Eastern producers. "The risk of a broader conflict in the Middle East is causing worries about interruptions in oil supply. Such disruptions could push oil prices higher, prompting traders to remain cautious and keep an eye on developments in the region," he said.
Last week, prices had fallen due to concerns about demand. "Additional measures from China could improve market sentiment and boost prices. Markets will also be watching demand levels in the US, a key market. US crude inventory figures, due to be published tomorrow and Wednesday, could influence demand expectations," Azar added.
