The prices of petrol and diesel in the UAE will rise next month, it has been announced.
Prices increased in September and August to reflect the trend in the oil market.
The breakdown in price per litre for October is as follows:
• Super 98: Dh3.44 – from Dh3.42 in September (up 0.6 per cent)
• Special 95: Dh3.33 – from Dh3.31 in September (up 0.6 per cent)
• Diesel: Dh3.57 – from Dh3.40 in September (up 5 per cent)
• E-plus 91: Dh3.26 – from Dh3.23 in September (up 0.9 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 breached the $95 mark this month amid concerns of tight crude supplies and signs of an economic recovery in China, the world’s second-largest economy and top crude importer.
The International Energy Agency expects a “substantial” crude market deficit in the fourth quarter of this year because of Opec+ output cuts.
The Paris-based agency expects global oil demand to rise by 1.5 million barrels per day in the second half of this year, compared with the first half, exceeding supply by 1.24 million bpd during that period.
Opec+ members Saudi Arabia and Russia announced this month that they would extend supply cuts of a combined 1.3 million bpd to the end of the year.
As part of the voluntary cuts, the kingdom is extending its output reduction of a million bpd until December. Russia is rolling over its export cut of 300,000 bpd until the end of the year.
Last week, Russia announced that it had temporarily banned gasoline and diesel exports in response to domestic shortages. Later on Monday, Moscow said it would lift the export ban on bunkering fuel for some vessels and diesel with high sulphur content.
UBS does not expect Brent crude to move above $100 a barrel on a “sustained basis” as it would lead to higher US crude supply.
Brent, the benchmark for two-thirds of the world’s oil, is forecast to trade in the range of $90 to $100 a barrel over the coming months, before ending the year at $95, the Swiss lender said in a research note last week.
Meanwhile, Goldman Sachs has raised its 12-month Brent forecast to $100 a barrel from $93 and said that the benchmark was “unlikely” to sustainably exceed $105 in 2024.
Brent crude was trading at $92.2 a barrel on Friday. West Texas Intermediate, the gauge that tracks US crude, was trading at $90.79 a barrel.
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
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