Dubai: UAE petrol and diesel prices for November are expected to be announced today, with another increase possible after international crude oil prices climbed sharply during October, bringing Brent close to $120 a barrel.
The UAE’s monthly fuel-price announcement comes after a period of sustained pressure on global energy markets. Oil prices rose on Friday, extending gains as traders assessed Middle East supply risks and the impact of disruptions on international shipments.
Brent crude futures for December rose $2.92, or 2.54%, to $117.80 a barrel in late Friday trading. The more actively traded January contract gained $3.04 to $113.84, while US West Texas Intermediate (WTI) advanced $2.66, or 2.61%, to $104.66.
How much are motorists paying now?
These rates followed increases of 15.8% for Super 98, 16% for Special 95 and 16.6% for E-Plus compared with September. Diesel rose 11.6%.
A 60-litre fill of Special 95 currently costs Dh256.80, compared with Dh221.40 in September. The same quantity of Super 98 costs Dh264, while E-Plus costs Dh252.60.
The UAE reviews retail fuel prices each month in line with international energy-market conditions. October’s rise in crude prices therefore provides an important indication of the pressures facing the November pricing decision.
Brent has climbed substantially since the beginning of the month, supported by concerns over Middle East oil shipments and the cost of transporting crude. Shipping disruptions have increased freight costs and complicated the movement of oil through the region, even as Gulf producers have worked to maintain exports.
The latest rally has also pushed Brent towards $120 a barrel, a level that would represent a further increase in international energy costs if sustained. Still, movements in crude prices do not translate directly into identical changes at UAE petrol pumps. Refined-product prices and the broader monthly pricing period also influence the final adjustment.
Could petrol reach its previous record?
October’s petrol prices remain below the record levels reached in July 2022. Super 98 reached Dh4.63 per litre that month, while Special 95 cost Dh4.52 and E-Plus Dh4.44.
