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Fuel prices in UAE to go up for November 2016

New fuel prices will come into effect from November 1

Image Credit: Illustrative purpose
Fuel check

Abu Dhabi: Fuel prices in the UAE are set to go up for the month of November, the Ministry of Energy announced on Sunday.

The new per litre prices for November are Super 98-Dh1.90, up from Dh1.81 in October, Special 95-Dh1.79, up from Dh1.70; E Plus-91-Dh1.72, up from Dh1.63.

The price of diesel has gone up by 15 fils from Dh1.76 in October to Dh1.91 in November.

The new fuel prices are announced as global crude oil prices recover due to discussions among member countries of the Organization of the Petroleum Exporting Countries (Opec) to curb output levels to stabilise oil prices.

Opec agreed on September 28 in Algeria to reduce output to a range of 32.5 million to 33 million barrels a day and decide how much each member should cut by its next meeting on November 30 in Vienna.

The agreement helped push oil prices to a fifteenth month high of about $50 a barrel earlier this month although they have subsequently fallen amid doubts the group will follow through in its pledge.

Iraq and Iran are insisting that they should be exempted from the deal as they try to ramp up production to increase their revenue. There are also doubts whether Nigeria and Libya will take part in the agreement.

Iraq says they need more money to fight Islamic state militants, whereas Iran wants to increase production to reach the pre-sanction levels of about 4 million barrels per day. Nigeria and Libya’s production is hit due to militancy and unrest.

Oil prices are currently trading slightly below $50 per barrel with the global benchmark Brent at $49.71 per barrel and the US benchmark West Texas Intermediate (WTI) at $48.70 per barrel.

New fuel prices will come into effect from November 1.