Motorists in the Emirates are set to face higher petrol prices next month, as the UAE government has unveiled the latest fuel price adjustments for October.
Following previous increases in September and August, the petrol and diesel prices for October have been revealed, reflecting ongoing trends in the oil market. Here’s the breakdown of the per-liter prices for October:
- Super 98: Dh3.44 (up 0.6% from Dh3.42 in September)
- Special 95: Dh3.33 (up 0.6% from Dh3.31 in September)
- Diesel: Dh3.57 (up 5% from Dh3.40 in September)
- E-plus 91: Dh3.26 (up 0.9% from Dh3.23 in September)
Meanwhile, oil prices went up above $95 this month because there’s not enough oil, and China’s economy is improving.
أسعار الوقود الشهرية: أسعار الوقود لشهر أكتوبر 2023 وفقاً للجنة متابعة أسعار الجازولين والديزل في #الإمارات
⛽ Monthly Fuel Price Announcement:
October 2023 fuel prices released by the #UAE Fuel Price Follow-up Committee. pic.twitter.com/Bt3nAddhLJ— Emarat (امارات) (@EmaratOfficial) September 30, 2023
The International Energy Agency thinks there will be a big shortage of oil later this year because a group called OPEC+ is making less oil. They say the world will want 1.5 million more barrels of oil every day in the second half of the year than what’s available. Also, Saudi Arabia and Russia, who are part of OPEC+, said they’ll keep making less oil until the end of the year, and Russia even stopped sending some types of fuel to other countries because they needed it at home.
Some experts think oil prices won’t stay above $100 for a long time because it might make the US make more oil. Right now, oil is trading at around $92 a barrel.
