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UAE hikes petrol and diesel prices for November

The UAE fuel price committee on October 31 announced petrol and diesel prices for the month of November 2022. Starting November 1, Super 98 petrol will cost Dh3.32 a litre, compared to Dh3.03 in October. Special 95 petrol will cost Dh3.20 per litre, compared to Dh2.92 in October. E-Plus 91 petrol will cost Dh3.13 a litre, compared to Dh2.85 a litre last month, while diesel will be charged at Dh4.01 a litre compared to Dh3.76 in October.

Here is an overview of fuel prices since May 2022 :
Prices in AED per litreE-Plus 91Special 95Super 98Diesel
October 20222.923.032.853.76
September 20223.223.303.413.87
August 20223.843.924.034.14
July 20224.444.524.634.76
June 20223.964.034.154.14
May 20223.483.553.664.08

In the global market on Friday, oil prices fell after top crude importer China increased its Covid-19 curbs. Brent futures fell to $95.77 a barrel while US West Texas Intermediate (WTI) crude settled at $87.90. However, crude benchmarks are expected to rise this week partly because of energy supply worries as European countries mull a ban on Russian crude imports.

Here in the UAE, retail consumption of fuel is still below pre-pandemic level but has been on the rise due to an increase in economic activity, according to officials. UAE liberalised its fuel prices in 2015 and decided to align local fuel prices with global oil rates. According to the UAE government, the move helps rationalise fuel consumption and encourage the use of public transport in the long run, as well as incentivise the use of alternative fuels. Since then, the UAE’s fuel price committee has been announcing revised monthly rates in the last week of every month

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