Higher oil prices will have motorists paying more at the pump in September
UAE petrol prices to bump up in September
Fuel costs for cars will be up to 7 per cent higher for UAE residents starting on Friday, following the publication of new prices from the Ministry of Energy.
The UAE Ministry of Energy announced on Tuesday that consumers will pay Dh2.01 a litre for Super 98, a 6.3 per cent hike from last month’s figure of Dh1.89.
Special 95 will increase 6.7 per cent to Dh1.90 from Dh1.78, and E Plus will cost Dh1.83, up 7 per cent from August’s Dh1.71. Diesel prices will rise to Dh2, a 6.4 per cent jump from last month.
The latest petrol prices are, on average, nearly 16 per cent more than prices seen for the same month last year.
Petrol and diesel are made from crude oil, which means that the price of oil impacts the price to fill up a car tank. Brent crude, the international benchmark, has traded at an average of just under $52 a barrel so far this month, around 10 per cent higher than in August 2016.
The UAE government liberalised the cost of fuel in 2015 using “benchmark prices”, a method that has not publicly been disclosed.