On Thursday, August 31, the UAE's Fuel Price Committee will announce retail petrol and diesel prices for September in line with global rates.

During August, petrol prices rose around 14 fils per litre, with Super 98, Special 95, and E-Plus trading at Dh3.14, Dh3.02, and Dh2.95 per litre, respectively.

Retail petrol prices averaged Dh3.02 per litre in August, much lower than the global average of Dh4.93 a litre.

Tuesday morning, Brent prices fell from this month's peak of $87.55 on August 9 to $84.41 on August 29 early trade, while WTI was trading at $80.08 a barrel at 9 am UAE time.

Globally, crude oil recorded its second consecutive weekly loss last week amid signs of additional oil supplies hitting the market from the likes of Iran and Venezuela which are helping to offset Opec+ cuts. This week, China’s stimulus announcements are pushing prices higher and WTI is back at $80-plus with Brent close to $85 a barrel.

Oil is currently trading at almost the same level as it was trading at the beginning of this month. But it saw a small spike in the second week of this month.

As a result, local prices could be adjusted accordingly upon an official announcement on Thursday, August 31.