Fuel prices in UAE to remain unchanged for September

Farouq Faiyad, Staff Reporter

The price of Super 98 will be Dhs1.91 per litre, while the prices of Special 95 will be Dhs1.8 per litre, E-Plus 91 at Dhs1.72 per litre and diesel at Dhs2.06 per litre including 5 per cent VAT as of the beginning of September 2020.

A recent report said fuel prices tend to maintain their stability for the fourth month in a row, according to the Fuel Price Follow-up Committee.

-    Super 98: Dhs1.91

-    Special 95: Dhs1.8

-    E-Plus 91: Dhs1.72

-    Diesel: Dhs2.06

In another development, stockpiles of oil products at the crude trading and bunkering hub of Fujairah on the UAE East Coast jumped to a six-week high, with marine bunkers and fuel for power generation soaring the most in six months.

The stockpiles stood at 26.681 million barrels as of 24th August, up 1 per cent from a week earlier, according to data released by the Fujairah Oil Industry Zone, or FOIZ. It was the biggest weekly gain since 24th February and the highest total since 13th July, according to FOIZ data provided exclusively to S&P Global Platts. Heavy distillates jumped 13 per cent, the most since 24th February, at 15.486 million barrels.

Inventories had been falling since the record high of 30.71 million barrels on 1st June. By the week ended 22nd August, they were at a four-month low amid signs of recovering economic activity as pandemic lockdowns were eased.

"Demand has been really, really bad, it's bad for all categories," a Fujairah-based source said. "It's been bad for gasoline, bad for gasoil and bad for bunkers. The easing of lockdowns hasn't led to a rebound of demand as expected. Stockpiles had been falling and now they're going back up."