After 3 months of continuous price bump, the fuel prices have finally dropped to give consumers some relief. The Ministry of Energy dropped the UAE fuel prices for November 2017 by over 4%. Bear in mind, October received the biggest yearly increase in price.
As per the directive, 91 unleaded petrol got the best treatment and was dropped by 4.6%. It will be sold for Dh1.85 compared to current price of Dh1.94.
95 octane petrol and 98 octane petrol received 4.4% and 4.2% discount and now stands at Dh1.92 and Dh2.12 respectively. The diesel price, however, is enhanced by 1 fil and will be sold at Dh2.11.
“Global crude oil prices, particularly Brent, have firmed up more than we expected and we are adjusting our numbers slightly higher for Q4 2017 and H1 2018. We see Brent averaging $54 this quarter and $52.50/bbl in H1 2018, compared our previous forecasts of $50 and $49.50/bbl, respectively. We also adjust WTI to average $49 this quarter, relative to our previous forecast of $47/bbl,” Bank of America Merrill Lynch said in a note.