A petrol pump in Sharjah Image Credit: GN Archives

The Ministry of Energy and Industry announced fuel prices for November and the price includes VAT.

The per-litre prices are Super 98 at Dh2.57 (down from Dh2.61 in October) and Special 95 at Dh2.46 (down from Dh2.50 in October). Diesel price has been fixed at Dh2.87 per litre (up from Dh2.76 in October).

Brent crude prices had gone up at the beginning of October, touching US$86 per barrel but as of October 29, Nasdaq shows prices at around US$77.02 per barrel.

A lot of the market fluctuations can be attributed to the U.S. announcements of sanctions on countries importing oil from Iran, in addition to the production deals in effect between Opec countries. Analysts expect the price to go up to US$80 per barrel once the sanctions come into effect on November 4.