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UAE Announced Fuel Prices for November

Fuel prices in UAE

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

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.

What is your take on the latest fuel prices in the UAE? Share your thoughts with us in the comments section.

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