How much more will you have to pay for petrol in September?

Following the stabilisation in global prices of crude oil, the UAE has announced a marginal increase in the retail price of petrol for the month of September 2016, following a decline announced in August.

‘Special’ grade petrol (95 octane) will now retail at Dh1.64 per litre from September 1, up 1.23 per cent from the Dh1.62 per litre that UAE residents currently pay for it.

On the other hand, Super (98 octane) grade of petrol will retail at Dh1.74 per litre from this Thursday, up 1.16 per cent from the current Dh1.72 per litre.

Despite the hike, petrol prices in the UAE remain lower than where they stood pre-deregulation, before August 2015 (see table below). 

UAE's Fuel Price Evolution Since Deregulation

 

Super 98

Special 95

E Plus 91

Diesel

September 1.75 1.64 1.57 1.72
August 1.73 1.62 1.55 1.76

July

1.88 1.77 1.70 1.85

June

1.86 1.75 1.68 1.77

May

1.78

1.67

1.60

1.60

April

1.62

1.51

1.44

1.56

March

1.47

1.36

1.29

1.40

February

1.58

1.47

1.40

1.37

January

1.69

1.58

1.51

1.61

December ’15

1.79

1.68

1.61

1.83

November ’15

1.81

1.70

1.63

1.87

October ’15

1.90

1.79

1.72

1.89

September ’15

2.07

1.96

1.89

1.86

August ’15

2.25

2.14

2.07

2.05

Pre-Deregulation

July ’15

1.83

1.72

1.61

2.90

Source: Ministry of Energy; Prices in AED

The price of E Plus gasoline (91 octane), the least expensive petrol in the country, has been set at Dh1.57 per litre, up 1.29 per cent from the current Dh1.55 per litre.

On the other hand, the price of Diesel, which currently retails for Dh1.76 per litre, will decline by 2.27 per cent to retail at Dh1.72 from September 1.

Global crude oil prices have remains relatively stable in the past 30 days, with oil prices now hovering close to the $50/barrel mark.

In January this year, oil prices had slumped to 13-yeal-lows, reaching close to the $26/barrel mark.

In July 2015, the UAE’s Ministry of Energy announced the end of the era of subsidised petrol and diesel prices, signalling the dawn of the age of fuel price deregulation, starting August 1, 2015.

Several other Gulf countries have since followed the UAE’s example and announced liberalisation plans for retail petrol prices in their respective markets.

In line with the liberalisation of fuel prices (diesel and petrol), the UAE Ministry now determines and announces the prices for the forthcoming month on the 28th of every month, with the said prices becoming effective from the first midnight of the next month.

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