UAE raises petrol, diesel prices sharply for September in third straight hike
From September 1, Super 98 petrol will cost 3.42 dirhams a litre as compared to 3.14 dirhams in August, up about 9%. In July, Super 98 petrol rate was fixed at 3 dirhams a litre.
Special 95 price has been increased to 3.31 dirhams in September, from 3.02 dirhams a litre. Diesel price has been hiked to 3.4 dirhams a litre, from 2.95dirhams in August, up around 15%.
Global oil benchmark Brent crude was today trading around $85.77 per barrel, roughly the same level as compared to the start of this month.
However, prices have climbed nearly 12% since the start of the third quarter, supported by output cut by OPEC+ members, the Organization of the Petroleum Exporting Countries and allies led by Russia. On the other hand, analysts worry about demand outlook from China which is struggling with post-Covid economic recovery.
Meanwhile, the US government revised lower its gross domestic product growth to 2.1% last quarter, from the 2.4% pace reported last month.
