The prices of petrol and diesel in the UAE will rise next month, it has been announced.
Prices increased in August and July after they fell in June to reflect the trend in the oil market.
The breakdown in price per litre for September is as follows:
• Super 98: Dh3.42 – from Dh3.14 in August (up 8.9 per cent)
• Special 95: Dh3.31 – from Dh3.02 in August (up 9.6 per cent)
• Diesel: Dh3.40 – from Dh2.95 in August (up 15.3 per cent)
• E-plus 91: Dh3.23 – from Dh2.95 in August (up 9.5 per cent)
The UAE liberalised petrol prices in 2015 to allow rates to move in line with the market. In 2020, prices were frozen by the Fuel Price Committee after the onset of the coronavirus pandemic. The controls were removed in March 2021 to reflect the movement of the market once again.
Oil prices have recorded two straight weeks of losses after a seven-week rally amid growing concerns about China's economic growth and an improving supply outlook.
China's post-coronavirus economic recovery has lost momentum mainly due to a deepening property slump and weak consumer spending.
The world's second-largest economy and top crude importing country introduced a slew of stimulus measures this week to revive growth, including halving the stamp duty on stock transactions and slowing the pace of initial public offerings.
On the supply side, Iran aims to boost its crude production to 3.4 million barrels per day by the end of summer, from 3.2 million bpd currently, Oil Minister Javad Owji was quoted as saying by Iranian state news agency Shana last week.
The US is also in talks with Venezuela to explore a temporary lifting of sanctions in exchange for fair elections next year, Bloomberg reported earlier.
The possibility of further monetary tightening has also weighed on futures.
At the Jackson Hole symposium in Wyoming last Friday, US Federal Reserve chairman Jerome Powell said the central bank would continue to aim to bring inflation down to 2 per cent.
The US economy is not cooling as expected, with stronger-than-anticipated gross domestic product growth and “especially robust” consumer spending, he said.
Brent, the benchmark for two thirds of the world’s oil, was trading 0.31 per cent higher at $86.13 a barrel at 12.13pm UAE time on Thursday. West Texas Intermediate, the gauge that tracks US crude, was up 0.32 per cent at $81.89 a barrel.
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10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
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