UAE to raise petrol prices in September

Published August 29th, 2016 - 04:13 GMT
Oil producing countries will hold an informal meeting in Algeria next month though it looks unlikely that they will reach an agreement to cut or freeze production to prop up oil prices.  

 (File photo)
Oil producing countries will hold an informal meeting in Algeria next month though it looks unlikely that they will reach an agreement to cut or freeze production to prop up oil prices. (File photo)

Petrol prices in the UAE for September were increased slightly by the Ministry of Energy. Diesel price has been reduced by four fils.

The new per litre prices for September are Super 98 for Dh1.75 per litre, up from Dh1.73 in August, Special 95 for Dh1.64 per litre, up from Dh1.62 and E Plus-91 for Dh1.57 per litre, up from Dh1.55.

And diesel price has been fixed at Dh1.72 per litre, down from Dh1.76 in August.

Petrol prices have gone up in the UAE as global crude oil prices recover due to talk of a possible deal between oil producing countries to stabilise oil prices at the upcoming informal Opec meet in Algeria next month.

Brent, the global benchmark was trading at $49.92 per barrel on Sunday and the US crude West Texas Intermediate was at $47.64 per barrel.

President of the Organisation of the Petroleum Exporting Countries (Opec) Dr Mohammad Bin Saleh Al Sada said earlier this month that oil markets will rebalance in the third and fourth quarters with demand picking up.

Oil producing countries will hold an informal meeting in Algeria next month though it looks unlikely that they will reach an agreement to cut or freeze production to prop up oil prices.  

 

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