It’s just been announced that fuel prices in the UAE are going to drop in September. Happy Thursday!

– Petrol price up in August

Good news, fuel prices are going to go down in September across all petrol stations in the UAE.

In August, prices rose by a hefty 23 per cent, but in line with the declining global price of oil, the Fuel Price Committee has lowered the price of 95 Octane by 8.4 per cent for September (it’s now Dhs1.96 a litre), the price of 98 Octane (aka, super) will drop by 8 per cent to Dhs2.07 a litre.

The new prices will come into effect at midnight on Tuesday September 1 (so expect some queues at gas stations if you try to fill up around then).

The committee will meet on September 28 to agree on the prices for the month of October – we’ll keep you updated then.

A picture shows a Gas station in Dubai,

Also, the price per litre of diesel will go down from the current Dhs2.07 to Dhs1.86 (a drop of more than 10 per cent).

While the prices we pay will now be directly connected to the global index, Morgan Stanley recently forecast that the global oil price will remain relatively low until at least 2017.

What does that mean for us? Well that we’re likely to see fluctuations, but no major spikes in petrol costs.