Petrol prices across the UAE will rise in November, it has been announced.
Prices fell in recent months having in July reached their highest level since they were liberalised in 2015 to allow them to move in line with the market. The high prices came amid soaring global oil prices.
The breakdown price per litre for November is as follows:
• Super 98: Dh3.32— from Dh3.03 in October
• Special 95: Dh3.20 — from Dh2.92 in October
• Diesel: Dh4.01 — from Dh3.76 in October
• E-plus 91: Dh3.13 — from Dh2.85 in October
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.
Oil prices, although edging lower on Monday, were set for their first monthly advance since May on Opec+’s planned supply cuts.
Brent crude is still up about 10 per cent this month after a decision by the Opec+ alliance to make sizable cuts to output.
The curbs take effect from November and are the start of an uncertain period for oil supply heading into winter, with the European Union set to implement sanctions on Russian flows in December.
“The market is poised to continue moving higher as Russian sanctions are set to take effect on December 5 and as OPEC+’s 2-million barrel a day cut enters into play,” James Whistler, the managing director of brokerage Vanir Global Markets in Singapore, told Bloomberg.
Oil has shed a about quarter of its value since June as concerns over a global economic slowdown and tight monetary policy threatened to curtail demand.
West Texas Intermediate was down 1.6 per cent at $86.49 per barrel in afternoon trading having settled down 1.3 per cent on Friday.
Brent crude was down 1.5 per cent at $94.35 per barrel, having slipped 1.2 per cent on Friday.