UAE petrol and diesel prices to rise in November

Motorists in the Emirates will pay more at the pump next month

The UAE liberalised fuel prices in 2015 to allow them to move in line with the market. Pawan Singh / The National

Fuel prices in the Emirates will rise in November, reflecting trends in the global oil market, it has been announced.

The prices for both petrol and diesel have been increased, state news agency Wam reported on Thursday, quoting the UAE fuel price committee.

So far this year, the UAE has lowered petrol prices six times and raised them five times.

How much will fuel cost in November 2024?

The breakdown of fuel prices per litre for November is as follows:

• Super 98: Dh2.74 from Dh2.66 in October (up by 3 per cent)

• Special 95: Dh2.63 from Dh2.54 in October (up by 3.5 per cent)

• Diesel: Dh2.67 from Dh2.60 in October (up by 2.7 per cent)

• E-plus 91: Dh2.55 from Dh2.47 in October (up by 3.2 per cent)

The UAE liberalised fuel prices in 2015 to allow them to move in line with the market.

Oil prices rose on Thursday on a surprise drop in US petroleum inventories.

Brent, the benchmark for two thirds of the world's oil, was trading 0.65 per cent higher at $73.02 a barrel at 9.12am UAE time. West Texas Intermediate, the gauge that tracks US crude, was up 0.64 per cent at $69.05 a barrel.

US crude stocks, an indicator of fuel demand in the world’s largest economy, decreased by 500,000 barrels to 425.5 million barrels in the week that ended on October 25, according to the US Energy Information Administration.

The country's petroleum stocks dropped to a two-year low last week as demand surged. Petroleum inventories decreased by a significant 2.7 million barrels, reaching their lowest point since November 2021. Analysts polled by Reuters were forecasting a 600,000-barrel rise.

Despite the increased demand, crude futures are on track to record a weekly loss, easing concerns of a supply disruption in the Middle East.

Oil prices dropped by 6 per cent on Monday after Israeli strikes at the weekend focused on military sites in Iran, avoiding Tehran's energy centres.

“The fading geopolitical tensions that were supportive of the bulls until this week have left their place to Chinese growth worries and supply/demand discussions – which are both negative for oil prices,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.

This week, the World Bank said that global commodity prices are set to fall to a five-year low in 2025, thanks to an oil glut, which is expected to dampen the price impact of a wider conflict in the Middle East.

Next year, the global oil market is set to experience a surplus of 1.2 million barrels per day. Such a large oversupply has only occurred twice: during the Covid-19 lockdowns of 2020 and the 1998 oil price crash, the World Bank said in a report.