UAE fuel prices will decrease in November, in line with global oil prices, authorities said on Friday.
How much will fuel cost in November?
The breakdown of fuel prices per litre for next month is as follows:
Super 98: Dh2.63, down 5 per cent from Dh2.77 in October
Special 95: Dh2.51, a decrease of 5.63 per cent from Dh2.66 in October
Diesel: Dh2.67, a drop of 1.47 per cent from Dh2.71 in October
E-Plus 91: Dh2.44, down 5.42 per cent from Dh2.58 in October
The UAE deregulated fuel prices in 2015 and changes are now tied to those in the global oil market, which has experienced significant volatility since the beginning of the year.
Oil prices are currently trading lower due to oversupply concerns amid an Opec+ production boost, despite trade tensions easing after a meeting between US President Donald Trump and Chinese President Xi Jinping in South Korea on Thursday.
Opec+ is due to meet on Sunday to decide future production policy.
The super group of eight producers, including Saudi Arabia and Russia, agreed to increase output by 137,000 barrels per day for November, similar to the October levels of increase. The group is currently unwinding 1.65 million bpd of voluntary cuts announced in April 2023.
Brent, the global benchmark for crude oil, was down 0.55 per cent at $64.64 per barrel at 8.33am UAE time on Friday. West Texas Intermediate, the US gauge for crude, was trading 0.73 per cent lower at $60.13 per barrel.
Oil prices have remained volatile this year amid incidents including the Iran-Israel war, tariffs imposed by Mr Trump and US sanctions on Russia's oil exports.
Last week, oil prices posted their biggest weekly gain since June after new US sanctions issued against Russia’s two largest oil companies over the Ukraine war raised supply concerns. Both benchmarks recorded a gain of more than 7 per cent for the week.
