The UAE Fuel Price Committee has announced a significant reduction in petrol prices for October 2024, marking the lowest levels since January of the same year. This price cut aligns with international oil rates and reflects ongoing fluctuations in the global oil market.
Substantial Price Cuts Across All Fuel Types
Petrol prices in the UAE have been slashed by Dh0.24 or over 8 percent per litre for October. Super 98 will now cost Dh2.66 per litre, Special 95 Dh2.54 per litre, and E-Plus 91 Dh2.47 per litre. These prices represent a significant drop from September’s rates and are the lowest since January 2024. The UAE has been adjusting local petrol and diesel prices monthly since the government deregulated oil prices in 2015.
Global Oil Market Influences and Future Outlook
The price reduction comes as Brent oil fell below $70 a barrel in September. However, recent concerns about potential supply disruptions from Middle Eastern producers have provided some support to oil futures. Market analyst Milad Azar from XTB Mena notes that the risk of a broader conflict in the Middle East is raising concerns about interruptions in oil supply, which could drive prices higher. Traders remain cautious and are closely monitoring developments in the region.
Additionally, measures from China to stimulate their economy could improve market sentiment and potentially lift prices. The US market’s demand levels are also being watched closely, with upcoming crude inventory figures expected to impact demand expectations. As global factors continue to influence oil prices, UAE residents can expect further adjustments to fuel prices in the coming months, reflecting the dynamic nature of the international oil market.
