UAE significantly reduces fuel prices for October

Gulf Today, Staff Reporter

The UAE energy ministry has reduced the prices of petrol and diesel for the month of October, taking effect on Oct.1.

These prices include a value-added tax of 5 per cent.

The October’s new price of a litre of Super 98 petrol will be sold at Dhs 3.03 per litre in all fuel stations. It was Dhs 3.41 per litre in September.

The price of a litre of Special 95 petrol will be at Dhs2.92. In September, it was Dhs3.30.

Diesel will be sold at Dhs3.76. It was Dhs3.87 in September.

E-Plus will be available for Dhs2.85. The September price for E-Plus was Dhs3.22.

Oil prices were on track for their first weekly gain in five on Friday, underpinned by the possibility that OPEC+ will agree to cut crude output when it meets on Oct. 5.

Brent crude futures for November, which expire on Friday, fell by 52 cents, or 0.59%, to $87.97 a barrel by 1355 GMT. The more active December contract was down $1.34 at $85.84.

U.S. West Texas Intermediate (WTI) crude futures fell $1.33, or 1.64%, to $79.90.

Both contracts rose by more than $1 earlier in the session but dropped on news that OPEC's oil output rose in September to its highest since 2020, surpassing a pledged hike for the month, according to a survey on Friday.

The fall also came as European equities pared gains and on a strong U.S. dollar, UBS analyst Giovanni Staunovo said.