Motorists in the United Arab Emirates might need to brace for potential increases in fuel prices come November as global oil costs continue to soar. Brent crude prices have surged beyond $110 per barrel, with US West Texas Intermediate (WTI) nearing the $100 mark. These rising prices are driven by heightened geopolitical tensions in the Middle East and worries over oil transportation, exerting pressure on international energy markets.
This possible hike follows a notable increase in UAE fuel prices in October, where petrol rates saw a nearly 16% jump compared to September. The UAE employs a monthly fuel pricing system that mirrors international market conditions, suggesting that sustained high crude oil prices could impact the next price adjustment.
In September, the cost of Super 98 petrol was Dh3.80 per litre, with Special 95 priced at Dh3.69 and E-Plus 91 at Dh3.61. Diesel was at Dh4.30 per litre. These prices had already risen significantly from February, where Super 98 was Dh2.59, Special 95 was Dh2.48, E-Plus 91 was Dh2.40, and diesel was Dh2.72 per litre.
As these developments unfold, there is growing concern among UAE motorists about facing additional fuel expenses in the coming month. However, the official announcement of November’s fuel rates is expected towards the end of October, leaving consumers in a state of uncertainty as they wait to see if petrol prices will remain above Dh4 per litre or increase further.