UAE’s Fuel Price Committee is likely to announce the revised retail petrol and diesel prices for November today (October 31).  Due to inflated global prices amidst high demand for crude, the UAE witnessed petrol price hikes for the past four following months. 

The government deregulated oil prices in August 2015 to make it at par with the global rates, and ever since UAE has been revising retail petrol prices on the last day of every month.

Although, prices have seen fluctuations but remain largely compatible with last year, with diesel has become more affordable. Petrol prices in the UAE have witnessed a substantial 25 percent rise throughout this year.

Samer Hasn, market analyst at XS.com, states there are positive signals and expectations supporting oil’s rise. “The National Bank of Canada believes that the US is no longer able to make further withdrawals from strategic reserves in order to reduce oil prices, which may keep inventory levels below the historical average. Commerzbank also believes that oil prices may be supported by concerns about oil supplies remaining at high levels, with the conflict in the Middle East continuing and fears of its expansion,” added Hasn.

To recall, a litre of Super 98, Special 95, and E-Plus were priced at Dhs3.44, Dhs 3.33, and Dhs3.26, respectively for October. Alongside, diesel price was also increased by 17 fils to Dhs3.57 compared to Dhs3.40 the September. On the other hand, global oil prices dropped by more than 2 percent.