Motorists in the United Arab Emirates may have to brace for another round of fuel price increases in November as global oil prices continue to surge. With Brent crude exceeding $110 per barrel and US West Texas Intermediate (WTI) nearing $100, the international energy market faces heightened pressure due to rising geopolitical tensions in the Middle East and concerns over oil transportation.
The UAE’s fuel prices, which are adjusted monthly based on international market conditions, already saw a significant increase in October. Petrol rates climbed by nearly 16% compared to September, reflecting the impact of rising crude oil costs on local pricing. In September, Super 98 petrol was priced at Dh3.80 per litre, Special 95 at Dh3.69, and E-Plus 91 at Dh3.61, while diesel was at Dh4.30 per litre. These figures marked a steep rise from February’s rates, where Super 98 was Dh2.59, Special 95 Dh2.48, E-Plus 91 Dh2.40, and diesel Dh2.72 per litre.
As the UAE approaches its next monthly pricing review, there is uncertainty over whether petrol prices will remain above Dh4 per litre or increase further. The official announcement of November’s fuel rates is expected toward the end of October, and much will depend on the prevailing market conditions at that time.
The situation has raised concerns among UAE motorists, who may face increased fuel expenses if current trends persist. However, the exact impact on fuel prices will only be clear once the monthly pricing system is reviewed and announced, factoring in the sustained increases in crude oil prices.