Petrol prices in the UAE may see an increase for November, with the Fuel Price Committee set to announce updated rates on Thursday.
In October, fuel prices were lowered for the second month in a row, with Super 98, Special 95, and E-Plus 91 priced at Dh2.66, Dh2.54, and Dh2.47 per litre, respectively.
Budget-conscious residents, along with logistics and transport companies, closely watch the monthly rate announcements to help manage their budgets for the coming month.
The UAE reviews petrol and diesel prices on the last day of each month to align with global rates as part of a deregulation policy started in 2015.
The average price of Brent oil rose to around $75.5 per barrel in October, up from $73 in September. Prices fluctuated from $71 to nearly $81 per barrel due to geopolitical tensions in the Middle East. Oil briefly spiked to $81 as concerns grew over a possible attack by Israel on Iran’s oil facilities. However, prices then dropped by over six per cent as both nations avoided escalating the situation.
According to Alex Kuptsikevich, chief market analyst at FxPro, crude oil dropped by six per cent on Monday, trading at $67 for WTI and $71 for Brent.
“This decrease to recent lows is linked to Israel’s actions against Iran’s oil capacities. Political responses from both countries have fueled speculation that a major conflict may be avoided, reducing the geopolitical risk premium and bringing prices back to pre-escalation levels,” he explained.
In September, Kuptsikevich noted, oil prices were near the lower end of a 40-month range, reflecting the global economic slowdown.
