UAE raises fuel prices for October 2021

UAE raises fuel prices for October 2021

The UAE has increased fuel prices for October 2021. The price of Super 98 has been increased to Dhs2.6 compared to Dhs2.55 in September. The price of Special 95 has been raised from Dhs2.44 in September to Dhs2.49 in October. Diesel in October will be priced at Dhs2.51, up from Dhs2.38 at present. 91 E-plus will cost Dhs2.42 in October, hiked from Dhs2.36 in September. On Tuesday, the Organization of Petroleum Exporting Countries (OPEC) said in its latest long-term report that it sees oil demand continuing to grow to the middle of next decade. It said that global fuel consumption will fully recover from its pandemic slump by 2023, and will keep growing until it hits a plateau shortly after 2035. OPEC forecasts that consumption will rebound above 100 million barrels a day in 2023, and continue to advance to 107.9 million a day in 2035. Before the current energy crunch that’s helped drive Brent crude above $80 a barrel and European natural gas prices to record highs, OPEC had started gradually restoring the output that it shuttered when the pandemic erupted last year. It expects to be a beneficiary of the coming revival in fuel use.