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Wednesday, September 30, 2026
UAE fuel prices rise above Dh4 per litre, surpass 4-year high for October 2026
By Vijay Valecha in 'Century in News'
Vijay Valecha, Wed, Sept 30, 2026 Khaleej Times
Petrol prices in the UAE crossed Dh4 per litre for the first time in 2022 following the outbreak of the Russia-Ukraine war, as supply concerns sent crude oil prices higherThe UAE hiked fuel prices by 60 fils per litre, or more than 16 per cent, for October 2026, taking them to their highest level in more than four years as global oil prices jumped amid the Middle East war.
On Wednesday, the UAE Fuel Price Committee increased the price of Super 98 from Dh3.80 a litre to Dh4.40, Special 95 from Dh3.69 to Dh4.28, and E-Plus 91 from Dh3.61 to Dh4.21 for October 2026.
Fuel prices surpassed Dh4 a litre for the first time in more than four years, after petrol prices rose above Dh4 a litre following the outbreak of the Russia-Ukraine war in February 2022.
In July 2022, petrol prices reached record levels, with Super 98 priced at Dh4.63 per litre and Special 95 at Dh4.52 per litre.
Ongoing US-Iran tensions and the closure of the Strait of Hormuz kept crude prices elevated, as oil prices trended higher in September 2026 compared with the previous month. Brent mostly traded around or above $100 a barrel in September due to regional tensions.
Oil prices rose on Wednesday after US President Donald Trump denied that he was willing to ease sanctions on Iran, while Qatar pushed for peace talks. This came after prices fell in the previous session on a recovery in crude supplies from the Middle East.
On Wednesday morning, Brent and WTI were trading at $102.80 and $89.28 a barrel, respectively. Brent reached $107 a barrel on Tuesday amid an escalation in US-Iran rhetoric.
Vijay Valecha, chief investment officer at Century Financial, said the US-Iran impasse over the Strait of Hormuz had pushed oil prices higher and maintained pressure on the US Federal Reserve to raise interest rates again.
“After Trump rejected Iran’s proposal to reopen the Strait of Hormuz, the rate-sensitive Treasury two-year yield also climbed six basis points to 4.91 per cent,” he said, adding that oil remains a key market driver as elevated energy costs fuel inflationary pressures and expectations for further rate increases.
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