In accordance with international fuel prices, the UAE is prepared to announce its fuel prices for the month of November either today or tomorrow.
Due to the Russia-Ukraine conflict that started in February of this year, gasoline prices in the country first surpassed the Dh4 mark in June, and they then reached an all-time high in July when Super 98 was priced at Dh4.63 per litre.
To the relief of the locals, however, the price of fuel has been reduced for three straight months since August. Super 98 gasoline was priced at Dh3.03 per litre in October, which is a decrease of Dh1.6 from July’s prices. Along with it, residents’ fuel and grocery costs have also been steadily declining, with some individuals saving as much as Dh600 on fuel bills alone each month.
On Friday, oil prices decreased after China, the world’s largest crude importer, increased its Covid-19 curbs. While US West Texas Intermediate (WTI) crude settled at $87.90 per barrel, Brent futures dropped to $95.77. However, it is anticipated that crude benchmarks will rise this week in part as a result of concerns about the energy supply as European nations consider a ban on the import of Russian crude.
According to officials, although retail fuel consumption in the UAE is still below pre-pandemic levels, it has been rising as a result of an uptick in economic activity.
In order to align local fuel prices with global oil prices, the UAE liberalised its fuel pricing in 2015. The UAE government claims that the action reduces fuel consumption, promotes long-term use of public transportation, and rewards the use of alternative fuels. Since then, in the final week of each month, the UAE’s fuel price committee has announced revised monthly rates.