UAE fuel prices for September: Petrol rates drop?
UAE drivers, particularly those who are budget-conscious and often cover long distances, closely monitor the monthly fluctuations in petrol prices. These changes are crucial for planning and managing their expenses effectively. With the anticipation of fuel price announcements, drivers hope for lower rates that will help them save on fuel costs and maintain their financial stability.
Brent oil price in August was about $78.63 per barrel and dropped from $84 per barrel in July due to low demand from China and US crude stocks not falling as much as anticipated.
In August, Brent mainly fluctuated within the $76 to $80 per barrel range, briefly spiking to $82 because of worries over Libya reducing production and escalating conflict in the Middle East.
Vijay Valecha, who is the chief investment officer at Century Financial, mentioned that the price of oil decreased as the summer driving season came to an end, which is expected to reduce demand.
According to information from the US Energy Information Administration, US crude oil inventories decreased last week due to refineries increasing their operating capacity.
Goldman reduces its oil forecast by $5 per barrel to less than $80, citing weak demand from China and higher supply worldwide, which includes Opec+.
Oxford Economics forecasts that the average oil price will be $82.8 per barrel this year. However, they anticipate a gradual decline over the coming years, with prices expected to drop to $77.5 per barrel by 2025. This prediction suggests a trend toward lower energy costs, which could impact global markets and influence economic strategies for oil-dependent countries.
|
Month |
Super 98 |
Special 95 |
E-Plus 91 |
|
January 2024 |
2.82 |
2.71 |
2.64 |
|
February |
2.88 |
2.76 |
2.69 |
|
March |
3.03 |
2.92 |
2.85 |
|
April |
3.15 |
3.03 |
2.96 |
|
May |
3.34 |
3.22 |
3.15 |
|
June |
3.14 |
3.02 |
2.95 |
|
July |
2.99 |
2.88 |
2.80 |
|
August |
3.05 |
2.93 |
2.86 |
Comments