UAE petrol prices for November could rise again after a sharp jump in October. Oil prices are hovering near five-month highs, and shipping costs keep climbing, according to Gulf News.
Current UAE fuel prices
The UAE Fuel Price Committee reviews rates every month. It will announce November prices at the end of October. October rates rose by almost 16 per cent across the three petrol grades. The current UAE fuel prices per litre are:
- Super 98: Dh4.40
- Special 95: Dh4.28
- E-Plus 91: Dh4.21
- Diesel: Dh4.80
For comparison, Special 95 cost Dh2.48 in February, before the latest Middle East conflict. As a result, petrol now costs roughly 70 to 75 per cent more. Diesel is about 76 per cent higher. Official details are available on the UAE government fuel price page.
Why oil matters for UAE petrol prices for November
The Brent crude price rose above $110 a barrel for the second time this year. It reached $110.86 last week, while US benchmark WTI neared $100. Brent has gained nearly 80 per cent so far this year. Analysts point to the Middle East conflict, attacks on ships and falling US crude inventories. Data firm Kpler reported at least 18 vessels attacked within two weeks.
Shipping costs add pressure on fuel prices
Goldman Sachs says oil freight costs have jumped from about $3 a barrel last year to more than $20. Some Middle East routes now cost as much as $35. War-risk premiums and higher vessel fuel costs explain the rise. The bank still expects Brent to ease to $90 by the end of 2026. However, it warned that high freight rates add upside risk. That matters for UAE petrol prices for November.
Some factors could limit a rise in UAE petrol prices for November. For example, Middle East oil flows reached about 24 million barrels a day in the week to 18 October. That is above pre-war levels, according to the Wall Street Journal, citing Kpler. Hopes of a diplomatic deal have also eased prices at times.
What UAE petrol prices for November could cost drivers
Filling a 60-litre tank with Special 95 now costs about Dh256.80. A 10-fils increase would add Dh6 per fill. A 20-fils increase would add Dh12. Likewise, a driver using 240 litres a month would pay about Dh24 more for each 10 fils. These are illustrations, not forecasts.
Gulf News says the risk of another increase remains elevated. Recovering Gulf exports and possible diplomacy could keep it in check, though. Follow our business news page for the announcement of UAE petrol prices for November.
Source: Gulf News, citing Kpler, Goldman Sachs, Reuters and the Wall Street Journal.
Add Comment