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Saturday, August 31, 2024
UAE to announce fuel prices for September: Will petrol rates drop?
By Vijay Valecha in 'Century in News'
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Vijay Valecha, The Khaleej Times , August 31, 2024
Petrol prices in the UAE could drop for the month of September as global oil prices stayed on the lower side in August as compared to the previous month.
The budget-conscious UAE motorists who travel distances look forward to monthly revisions in petrol prices to adjust their spending.
Brent oil averaged around $78.63 per barrel in the month of August as against $84 per barrel in July amidst weak demand from China and US crude stocks falling less than expected.
Brent mostly traded between the $76 to $80 barrel range in August but briefly jumped to $82 due to concerns about Libya cutting production and widening Middle East conflict.
US crude oil stockpiles fell last week as refineries raised their capacity use, according to data released by the US Energy Information Administration.
Goldman also cuts the oil outlook by $5 a barrel to below $80, reflecting soft China demand and increased global supply, including from Opec+.
Oxford Economics expects oil prices to average $82.8 per barrel this year, before averaging $77.5 per barrel in 2025.
Source
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