Fuel prices in the UAE for the month of October have been hiked in the wake of burgeoning crude prices worldwide. The UAE Ministry of Energy announced the revision in prices which will be applicable from next month. This comes on the heels of a price increase last month as well.
The new prices will be effective from October 1 after which the cost of Super 98 will increase by Dh 2.61 from the previous rate of Dh 2.59 per litre. Special 95 petrol will now set you back by Dh 2.50, a marginal increase from the previous rate of Dh 2.48 per litre. Diesel will cost 12 fils more per litre rising to Dh 2.76.
The prices of global crude oil rose on Thursday amidst the imminent sanctions that the US is levying against Iran, a major exporter of crude oil. Traders are of the opinion that this is the primary reason for the tightening of the oil market. Other factors include the recent resolution from Opec and its allies not to put an impetus on production at least immediately.