Motorists in the United Arab Emirates could see another hike in fuel prices in November, driven by rising global crude oil costs and elevated shipping expenses. Brent crude prices have surged past $110 per barrel, while US West Texas Intermediate (WTI) nears the $100 mark. These increases are largely attributed to escalating geopolitical tensions in the Middle East and concerns over oil transportation, which have put pressure on international energy markets.
The potential for a price rise comes on the heels of a significant increase in UAE fuel prices in October, where petrol rates jumped nearly 16% compared to September. The UAE’s monthly fuel pricing mechanism mirrors international market conditions, meaning that continued increases in crude oil prices could potentially impact the forthcoming adjustments.
In September, the price for Super 98 petrol was set at Dh3.80 per litre, Special 95 at Dh3.69, and E-Plus 91 at Dh3.61, while diesel was priced at Dh4.30 per litre. These figures were already a marked increase from February, when Super 98 was priced at Dh2.59, Special 95 at Dh2.48, E-Plus 91 at Dh2.40, and diesel at Dh2.72 per litre.
As a result of these developments, there is growing concern that motorists may face further fuel expenses next month. However, the official fuel rates for November will be determined by the relevant market conditions considered in the monthly pricing review and are expected to be announced towards the end of October. Until then, it remains uncertain whether the petrol prices will remain above Dh4 per litre or climb even higher.