x

Abu Dhabi, UAEMonday 18 June 2018

UAE petrol prices to bump up in September

Higher oil prices will have motorists paying more at the pump in September

The UAE Ministry of Energy has released the new price for petrol and diesel for the month of September. Andrew Henderson / The National
The UAE Ministry of Energy has released the new price for petrol and diesel for the month of September. Andrew Henderson / The National

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.

_________________

Read more:

Kuwait's oil minister says OPEC to discuss ending or extending production in November

_________________

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.

_________________

Read more:

UAE GDP to expand by 2.9 per cent in 2018 as oil production returns to growth