Motorists in the United Arab Emirates may experience further increases in petrol and diesel prices in November, as global crude oil prices continue to rise. Brent crude has surged above $110 per barrel, while the US West Texas Intermediate (WTI) is nearing $100. These increases are fueled by escalating geopolitical tensions in the Middle East and ongoing concerns regarding oil transportation, which have intensified pressure on international energy markets.
In October, UAE fuel prices saw a significant hike, with petrol rates rising by nearly 16% compared to September. The UAE’s monthly fuel pricing system is directly influenced by international market conditions, suggesting that continued increases in crude oil prices could lead to further adjustments in the country’s fuel rates.
For context, in September, the price of Super 98 petrol was Dh3.80 per litre, Special 95 was Dh3.69, and E-Plus 91 was Dh3.61. Diesel was priced at Dh4.30 per litre. These rates marked a substantial increase from February’s prices, where Super 98 was Dh2.59, Special 95 Dh2.48, E-Plus 91 Dh2.40, and diesel Dh2.72 per litre.
The current scenario raises concerns among motorists about potential additional expenses in the coming month. However, the official fuel prices for November will depend on the market conditions considered during the monthly pricing review. The UAE’s fuel rates for November are expected to be announced towards the end of October, leaving the future of petrol prices uncertain until then. It remains to be seen whether prices will continue to hover above Dh4 per litre or increase further.