UAE petrol and diesel prices to rise in November

It has been announced that gasoline prices across the UAE will increase in November.

Prices have fallen in recent months, reaching their highest level in July since liberalization in 2015 to bring it in line with the market. The high oil prices come at a time when global oil prices are soaring.

The breakdown price per liter for November is as follows:

• Super 98: AED 3.32 – from AED 3.03 in October

• Special 95: Dh3.20 — from Dh2.92 in October

• diesel engine: Dh4.01 — from Dh3.76 in October

• Electron Plus 91: Dh3.13 — from Dh2.85 in October

In 2020, the Fuel Price Board froze prices in the wake of the coronavirus pandemic. These controls were lifted in March 2021 to reflect market movements.

Oil prices, although slightly lower on Monday, posted their first monthly gain since May as OPEC+ planned to cut production.

Brent is still up around 10% this month after the OPEC+ alliance decided to cut production sharply.

The restrictions, which came into effect in November, are the start of a period of uncertainty about oil supplies heading into the winter, when the European Union will impose sanctions on Russian oil supplies in December.

“With Russia sanctions set to take effect on Dec. 5 and OPEC+’s plan to cut production by 2 million barrels a day, markets are expected to continue higher,” said James Whistler, managing director at Singapore-based brokerage Vanir Global Markets. Bloomberg.

Oil prices have fallen by about a quarter since June, as concerns over a slowing global economy and tighter monetary policy could cut demand.

West Texas Intermediate crude was down 1.6% at $86.49 a barrel in afternoon trade after closing down 1.3% on Friday.

Brent crude fell 1.5% to $94.35 a barrel, after falling 1.2% on Friday.

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Updated: 10/31/2022 6:17pm