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UAE Fuel Price Committee to Announce November Rates Tomorrow

In November, the UAE Fuel Price Committee will announce the updated retail prices for petrol and diesel to bring them in line with worldwide rates.

The UAE’s Fuel Price Committee is set to reveal the adjusted retail prices for petrol and diesel in November to bring them in line with global rates. 

This regular monthly revision has been a practice in the UAE since 2015.

Recent Price Trends:

In the past four months, the UAE has seen a steady increase in petrol prices due to elevated global prices driven by heightened demand for crude oil. 

October witnessed a marginal price hike, with Super 98 petrol costing Dh3.44 per liter, Special 95 priced at Dh3.33 per liter, and E-Plus at Dh3.26. Diesel, on the other hand, is currently at Dh3.57 per liter.

Global Factors and Recent Conflict:

The fluctuation in global oil prices, especially in October, was influenced by various factors. The conflict between Israel and Palestinians in the Middle East contributed to the oil price variations. 

Brent prices ranged from $90.9 to $84 in the first week of October, surging to $92.38 on October 19 before slightly settling at $89.54 per barrel by the end of the month.

Market Analyst Insights:

Market analyst Samer Hasn from XS.com suggests that multiple factors support the rise in oil prices. 

Notably, the National Bank of Canada believes that the United States may no longer be able to draw further from its strategic oil reserves to lower prices. 

Commerzbank also indicates that concerns over high oil supplies, the ongoing Middle East conflict, and fears of its expansion might bolster oil prices. 

ANZ Bank shares a similar view, speculating that the expansion of the conflict could disrupt global oil supply markets by approximately 20 million barrels per day.’

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