UAE fuel prices remain unchanged for the seventh consecutive month in October 2020.
The UAE Fuel Price Follow-up Committee announced the following monthly prices: Special (95) petrol costs Dhs 1.80 while Super (98) petrol will cost Dhs 1.91 and Diesel costs Dhs 2.06.
Fuel prices in the UAE have been linked to global oil prices, which have been hovering around $40 a barrel, according to Bloomberg.
There has been a slow recovery in global demand due to restrictions placed on the economy as a result of the coronavirus.
Russia is expecting a long and gradual revival of the oil market following the effect of the pandemic this year.
“The recovery won’t be fast, it will take quite a while before the pre-crisis levels can be reached,” Russia’s Energy Minister Alexander Novak said Sunday.
In 2020, on the back of coronavirus lockdowns, global oil demand is set to decline by as much as 10% compared to last year, he said in his address to a two-day online meeting of G-20 energy ministers, as reported by Bloomberg.