UAE to cut fuel prices in November — The National

Prices for petrol and diesel in the United Arab Emirates will fall in November, marking the first reduction in fuel prices in four months. As The National reports, the decrease will take place despite rising global oil prices amid tensions in the Middle East.

New fuel prices

The price of a litre of Super 98 petrol in November will be 4.16 dirhams, compared with 4.40 dirhams in October, representing a 5.5% decrease. Special 95 petrol will become 5.6% cheaper, falling to 4.04 dirhams per litre from 4.28 dirhams.

The price of E-Plus 91 will fall the most, by 5.7%, to 3.97 dirhams per litre from 4.21 dirhams a month earlier. Diesel will cost 4.75 dirhams per litre, 1% less than the October price of 4.80 dirhams.

More current news is available on the UA.News Telegram channel Telegram.

Oil market

Despite the November reduction, fuel prices in the UAE are approximately 80% higher than in February, before the start of the war with Iran. Fuel prices in the UAE have been linked to the global oil market since 2015, when the country deregulated prices.

At the end of October, Brent crude, the benchmark for two-thirds of the global market, closed at a six-month high. Its price rose 2.4% to $117.64 per barrel and increased by approximately 15% over the month. US WTI crude rose 2.08% to $104.12 per barrel, gaining around 12% during the month.

Analysts had previously expected another increase in retail prices in the UAE. Ahmed Zahir, a consultant at Dubai-based Qamar Energy, said that geopolitical risks and higher transportation costs support prices, while stable supplies, weaker demand and the possibility of a diplomatic breakthrough could curb their further growth.