Motorists in the United Arab Emirates could see another increase in petrol and diesel prices in November, as global oil markets remain under pressure from surging crude oil costs and high shipping expenses. Brent crude prices have risen above $110 per barrel, while US West Texas Intermediate (WTI) is nearing $100 per barrel. This spike is largely attributed to escalating geopolitical tensions in the Middle East and concerns over oil transportation, which have collectively contributed to the rising energy market prices.
The potential hike in November follows a substantial increase in UAE fuel prices in October, where petrol rates saw an approximate 16% rise compared to September. The UAE’s monthly fuel pricing system is closely tied to international market conditions, suggesting that a continued climb in crude oil prices could impact the next price adjustment.
In September, the price of Super 98 petrol was set at Dh3.80 per litre, Special 95 at Dh3.69, and E-Plus 91 at Dh3.61, while diesel was priced at Dh4.30 per litre. These prices marked a significant increase from February, when Super 98 was Dh2.59, Special 95 Dh2.48, E-Plus 91 Dh2.40, and diesel Dh2.72 per litre.
As speculation mounts regarding further increases, motorists remain concerned about the potential for additional fuel expenses in the upcoming month. However, the official petrol prices for November will be determined by the market conditions used in the UAE’s monthly pricing review, expected to be announced towards the end of October. Until then, it remains uncertain whether petrol prices will surpass Dh4 per litre or climb even higher.