Abu Dhabi : The UAE energy ministry has reduced the prices of petrol and diesel by 62 fils per litre for the month of September, taking effect on September 1. The new price of a litre of Super 98 petrol will be sold at Dhs 3.41 per litre in all fuel stations. These prices include a value-added tax of 5 per cent.
The price of a litre of Special 95 petrol will be at Dhs3.30.
Diesel will be sold at Dhs3.87. E-Plus will be available for Dhs3.22.
The price of OPEC basket of thirteen crudes stood at US$104.85 a barrel on Monday, compared with US$103.89 the previous Friday, according to OPEC Secretariat calculations.
The OPEC Reference Basket of Crudes is made up of the following: –
Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Iran), Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
Significantly, prices have risen sharply this year on the back of sustained high global oil prices, but fell by 13 per cent in August.
Over the last few months, the UAE’s fuel price committee has been announcing revised rates on the last day of each month.
The prices announced by the UAE Fuel Price Committee in July were the highest so far since they were liberalised in 2015, to allow them to move in line with the market.
In 2020, prices were frozen by the Fuel Price Committee after the onset of the coronavirus pandemic. The controls were removed in March 2021 to reflect the movement of the market.