UAE set to announce fuel prices for November

After hikes in June and July, oil prices have been slashed for three consecutive months, much to the relief of residents



File photo
File photo
by

Nasreen Abdulla

Published: Sun 30 Oct 2022, 10:00 AM

Last updated: Mon 31 Oct 2022, 6:08 AM

UAE is all set to announce its fuel prices for the month of November either today or tomorrow, in line with global fuel prices.

In June petrol prices crossed the Dh4 mark for the first time and in July reached an all-time in the country when Super 98 was priced at Dh4.63 per litre, on the back of the Russia-Ukraine conflict that broke out in February this year.

However, since August, the fuel prices have been slashed for three consecutive months, much to the relief of residents. In October, Super 98 petrol cost Dh3.03 a litre - a fall of Dh1.6 as compared to the prices in July. Along with it, the fuel and grocery bills of residents have also been coming down consistently, with some saving up to Dh600 on fuel bills alone every month.

In the global market on Friday, oil prices fell after top crude importer China increased its Covid-19 curbs. Brent futures fell to $95.77 a barrel while US West Texas Intermediate (WTI) crude settled at $87.90. However, crude benchmarks are expected to rise this week partly because of energy supply worries as European countries mull a ban on Russian crude imports.

Here in the UAE, retail consumption of fuel is still below pre-pandemic level but has been on the rise due to an increase in economic activity, according to officials.

UAE liberalised its fuel prices in 2015 and decided to align local fuel prices with global oil rates. According to the UAE government, the move helps rationalise fuel consumption and encourage the use of public transport in the long run, as well as incentivise the use of alternative fuels. Since then, the UAE’s fuel price committee has been announcing revised monthly rates in the last week of every month.

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