UAE fuel prices for September announced

Inayat-ur-Rahman, Business Editor

The UAE fuel price committee on Monday announced petrol and diesel prices for the month of September 2021. After six months of price rises, motorists will pay less for both petrol and diesel at the fuel pumps.

Starting Sept. 1, Super 98 petrol will cost Dhs2.55 a litre, compared to Dhs2.58 the previous month.

E-Plus 91 petrol will cost Dhs2.36 a litre, up from Dhs2.39 a litre last month, while diesel will be charged at Dhs2.38 a litre, a decrease from Dhs2.45 in August.

Special 95 petrol will cost Dhs2.44 per litre, compared to Dhs2.47 in August.

Oil prices pulled back from a four-week high on Monday as Hurricane Ida weakened into a Category 1 hurricane within 12 hours of coming ashore.  Nearly all US offshore Gulf oil production, or 1.74 million barrels per day, was suspended in advance of the storm.

Focus turned to a meeting of the Organization of the Petroleum Exporting Countries and its allies on Wednesday, with sources telling Reuters the group is likely to keep its oil output policy unchanged and continue with its planned modest production increase.

Brent crude futures were a touch lower on the day at $72.66 a barrel, holding below four-week highs hit earlier in the session. They rose more than 11% last week in anticipation of disruptions to oil production from Hurricane Ida.

US oil fell 0.4% to $68.46 a barrel, having jumped a little more than 10% over the last week.

“Hurricane Ida will dictate oil’s near-term direction,” said Jeffrey Halley, senior market analyst at OANDA. “If Ida weakens and its path of destruction is lower than expected, oil’s rally will temporarily lose momentum here.”