UAE motorists get some relief at fuel stations in September if the recent decline in global crude prices continues through the end of August. Brent crude drops below USD 90 a barrel. This comes after a strong rally, improving the outlook for the next monthly fuel-price revision.
The UAE Fuel Price Committee reviews retail fuel rates every month based on movements in global energy markets. However, the September prices have not been announced yet.
Petrol prices increased in August after global crude prices rose sharply in July. Super 98 is currently priced at AED 3.60 per liter, while Special 95 costs AED 3.49 and E-Plus 91 is priced at AED 3.41. Diesel stands at AED 3.80 per liter.
These rates followed an AED 0.20-per-liter increase across the main fuel categories compared with July. The oil market dynamics have changed in recent sessions. On August 25, the price of Brent crude oil closed at USD 88.58 per barrel after falling by over 3%. This comes as traders evaluated the implications of fresh US sanctions against Iran and the possibility of diplomacy with Iran.
Brent declined even further on August 26 during early morning trading as prices dipped below $87 amid negotiations between Iran and Oman regarding the Strait of Hormuz.
The oil market remains highly sensitive to developments around the Strait of Hormuz. The waterway has historically handled roughly one-fifth of global oil and liquefied natural gas shipments, making any disruption a major supply risk.
Renewed diplomatic efforts have eased some market pressure, but uncertainty remains. A fresh escalation could quickly push crude prices higher and weaken expectations of cheaper petrol.
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