UAE fuel prices dropped in October 2022
Petrol price inside the UAE often stays regular, however some fluctuations are found in recent months. Even a small change (up or down) in petrol prices can have an effect on different industries. typically, the logistics department is affected the most. Fuel prices are regularly taken into consideration as the key to the increase or decrease of inflation, as it can affect residing costs and prices of finished products.
PETROL PRICE IN THE UAE THIS MONTH
The following image illustrates the fuel prices for the month of October 2022:
The UAE government has announced a decrease in fuel prices during the month of October 2022 in comparison to the September 2022 fuel prices.
What are the reasons that make fuel prices fluctuate?
The adjustment in oil prices can be because of more than one element. Nevertheless, these elements cannot be held responsible every month, as there are many unpredictable conditions to include in addition. Below are some of the main causes that could affect petrol prices.
OPEC (The Organization of Petroleum Exporting Countries) controls 80% of the global petrol supply.
The difference between the supply and demand of petrol can have an effect on petrol expenses internationally.
Natural disasters that affect the oil supply, storing or refining also can effect price fluctuations.
Local taxes and interest rates also are accountable for creating instability in prices.