The UAE fuel prices for November 2022 have been raised after a short respite in recent months. July 2022 witnessed the highest fuel prices since their liberalization in 2015. The increased prices for November are due to soaring oil costs in the market.
Here are the prices per litre for this month:
• Super 98: Dh3.32— up from Dh3.03 in October
• Special 95: Dh3.20 — up from Dh2.92 in October
• Diesel: Dh4.01 — up from Dh3.76 in October
• E-plus 91: Dh3.13 — up from Dh2.85 in October
The fuel Price Committee fixed oil prices in 2020 after the coronavirus pandemic closed markets worldwide and removed the restrictions in March 2021.
The current prices went down a bit on Monday after their first monthly increase since May due to Opec+’s decision on the supply drop.
Brent crude remained 10 per cent up in October owing to the Opec+ group’s decision to make a big reduction to production.
The cuts will come into force this month and are the beginning of a hesitant time for oil supply going into winter, with the EU ready to apply restrictions on Russian oil in December.
“The market is poised to continue moving higher as Russian sanctions are set to take effect on December 5 and as OPEC+’s 2-million barrel a day cut enters into play,” James Whistler, the managing director of brokerage Vanir Global Markets in Singapore, said to Bloomberg.
Fuel has lost around a quarter of its price since June as worries over worldwide economic slowdown and strict financial policy pressurized to cut demand.
West Texas Intermediate fell by 1.6 per cent at $86.49 per barrel in afternoon dealing and slipped to 1.3 per cent on Friday.
Brent crude went down by 1.5 per cent at $94.35 per barrel, with a decline of 1.2 per cent on Friday.
Source and Images: The National News