The United Arab Emirates (UAE) fuel committee has announced the revised fuel prices for November 2024. The new prices will be applicable from November 1 for the whole of next month. According to a notification, the prices have been increased slightly; here are the new prices.
New Fuel Price in UAE
- Super 98 petrol will now cost AED 2.74/liter compared to the old rate of AED 2.66/liter last month.
- The new price of Special 95 petrol is AED 2.63/liter, up from AED 2.54/liter last month.
- E-plus 91 petrol now stands at AED 2.55/liter, against the previous AED 2.47/liter.
- Last but not least, diesel will now cost AED 2.67/liter, up from the previous price of AED 2.6/liter in October.
In 2015, the UAE deregulated fuel prices and aligned them with the rates in the international market. Since then, the prices have been revised monthly according to global trends. Furthermore, the fuel committee takes domestic conditions into account when finalizing prices. In October last month, the committee reduced the prices of Super 98, Special 95, and E-Plus up to 0.24 AED/liter.
Global Trends
Meanwhile, fuel prices in the international market gained today, mainly due to optimism about US fuel demand following a sudden drop in crude oil and gasoline inventories. Moreover, a delayed report from OPEC+ potentially delaying a planned output increase provided further support to the market.
On October 31, Brent crude increased by 47 cents (0.61%) to $72.99/barrel. Meanwhile, the US West Texas Intermediate (WTI) crude increased by 34 cents (0.50%) to $68.96/barrel. It is pertinent to mention that both companies increased by over 2% yesterday after going down by 6% earlier this week. The positive development came after the Lebanese Prime Minister expressed optimism over a ceasefire deal with Israel in the coming few days after Israel’s state-run broadcaster shared a draft agreement for an initial 60-day truce.
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