UAE fuel prices out today: How much will motorists save after November cut?

Dubai: UAE petrol and diesel prices for November have been announced, with motorists set to pay less at the pumps despite international crude oil prices climbing sharply during October and Brent approaching $120 a barrel.

The announcement comes after a period of sustained pressure on global energy markets. Oil prices rose on Friday, extending gains as traders assessed Middle East supply risks and the impact of disruptions on international shipments.

Brent crude futures for December rose $2.92, or 2.54%, to $117.80 a barrel in late Friday trading. The more actively traded January contract gained $3.04 to $113.84, while US West Texas Intermediate (WTI) advanced $2.66, or 2.61%, to $104.66.

Brent was heading for a fourth consecutive monthly gain, according to market reports. The rally had raised the possibility of another increase in UAE fuel prices. Instead, the latest announcement confirms a reduction across all petrol grades and diesel from November 1.

How much will motorists pay?

The UAE Fuel Price Committee announced that Super 98 petrol will cost Dh4.16 per litre in November, down from Dh4.40 in October.

Special 95 will cost Dh4.04 per litre, compared with Dh4.28 previously, while E-Plus 91 will fall to Dh3.97 from Dh4.21. Diesel will decline to Dh4.75 per litre from Dh4.80.

All three petrol grades have fallen by 24 fils per litre, while diesel is down by 5 fils. The reductions follow October's sharp increase, when petrol prices rose by approximately 16% compared with September.

How much will motorists save?

A 60-litre tank of Special 95 will cost Dh242.40 in November, compared with Dh256.80 in October, a saving of Dh14.40. The same quantity of Super 98 will cost Dh249.60, down from Dh264, while E-Plus will cost Dh238.20, compared with Dh252.60.

For motorists purchasing 240 litres of petrol monthly, the reduction translates into savings of Dh57.60, assuming fuel consumption remains unchanged. Diesel users will save Dh3 on a 60-litre purchase.

Although November prices are lower, they remain above September levels. Special 95, for example, cost Dh3.69 per litre in September, compared with Dh4.04 in November. That means a 60-litre tank of Special 95 will still cost Dh21 more than it did two months earlier.

Oil set for 4th monthly gain

The UAE reviews retail fuel prices each month in line with international energy-market conditions. October's rise in crude prices had therefore provided an important indication of the pressures facing the November pricing decision.

Brent climbed substantially during the month amid concerns over Middle East oil shipments and the cost of transporting crude. Shipping disruptions have increased freight costs and complicated the movement of oil through the region, even as Gulf producers have worked to maintain exports.

The latest rally also pushed Brent towards $120 a barrel, adding to uncertainty over the direction of fuel prices. Yet November's reduction demonstrates that movements in crude prices do not translate directly into identical changes at UAE petrol pumps.

Refined-product prices and broader market conditions also influence retail fuel pricing. A single day's Brent price cannot establish the following month's adjustment. The committee has not provided a detailed breakdown explaining the factors behind November's reduction.

How far now from records?

November's petrol prices remain below the record levels reached in July 2022. Super 98 reached Dh4.63 per litre that month, while Special 95 cost Dh4.52 and E-Plus Dh4.44.

Following the November reduction, Super 98 is 47 fils below its July 2022 level, Special 95 is 48 fils lower and E-Plus is 47 fils lower.

October's prices had been just 23 to 24 fils below those historical highs. The latest reduction therefore widens the gap between current petrol prices and the previous records.

What happens after November?

International oil prices remain an important factor for subsequent UAE fuel-price reviews, particularly while uncertainty persists over Middle East supplies and shipping costs.

The November adjustment provides some relief after October's increase, although motorists will continue paying more than they did in September. The next monthly review will determine whether petrol and diesel prices rise or fall in December.