Petrol prices in UAE to increase in September

Petrol prices in UAE to increase in September

Motorists in the UAE will have to continue to dig into their wallets at petrol stations, as the Ministry of Energy and Industry announced that fuel prices for the month of September would see a slight increase.

Super 98 petrol will now cost Dh2.59 a litre, up from Dh2.57 in August; while Special 95 will cost Dh2.48 a litre, up from Dh2.46 the previous month. E-Plus 91 will cost Dh2.40 a litre, up from Dh2.38 the previous month. Diesel will cost Dh2.64 per litre, up from Dh2.63 in August.

The new prices for September are inclusive of the value added tax (VAT). Residents have noted that there is little relief concerning fuel prices, which have seen a steady increase since the beginning of the year; except for the month of July, when prices in the UAE slightly dipped.

Oil prices slipped on Wednesday, pulled down by a rise in US inventories and hopes that new investment could halt a plunge in Venezuela's output. Benchmark Brent crude oil was down at $75.75 a barrel, and US light crude was 10 cents lower at $68.43 a barrel.

According to the American Petroleum Institute, US crude inventories rose by 38,000 barrels to 405.7 million barrels in the week to August 24. The Bank of America Merrill Lynch predicted that global supply could climb towards the end of the year.