UAE to witness hike in petrol and diesel prices this November

UAE will witness a hike in petrol and diesel prices in the month of November

UAE will witness a hike in petrol and diesel prices in the month of November

The news comes despite hopes of dropping rates, as prices have fallen in recent months.

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The breakdown price per litre for November is:

  • Super 98: Dhs3.32 – up from Dhs3.03 in October
  • Special 95: Dhs3.20 – up from Dhs2.92 in October
  • Diesel: Dhs4.01 – up from Dhs3.76 in October
  • E-plus 91: Dhs3.13 – up from Dhs2.85 in October

UAE fuel prices tend to fluctuate in line with global trends.

Prices went above Dhs4 for the first time in June.

And they reached an all-time high in July, with Super 98 costing Dhs4.63 per litre.

Prices have been slashed every month since August, with Super 98 dropping down to Dhs3.03 per litre in October.

On Friday, oil prices fell in global markets after China increased its COVID curbs.

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Brent futures fell to $95.77 (Dhs351) a barrel, and US West Texas Intermediate (WTI) crude settled at $87.90 (Dhs322).

Retail consumption of fuel is still below pre-pandemic levels in the UAE.

But an increase in economic activity has seen it on the rise again.

Fuel prices in the country were liberalised in 2015, with local rates being aligned with global oil prices.

The government hopes the measure will encourage more residents to use public transport while incentivising alternative fuels.

The fuel price committee has met every month for the past seven years to announce revised rates.

 

Tariq Saeed

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