UAE petrol prices drop in November
Fuel prices in the UAE are now lower than they were in July, which was the last month during which fuel was subsidised.
In July Special 95 was Dh1.72 a litre, from November 1 it will be Dhs1.70 a litre.
So, while prices shot up after the market was deregulated in August to Dhs2.14 a litre for 95 they’ve slowly climbed back down due to world oil prices.
In fact, the Ministry of Energy has announced that they will drop petrol prices across the board in November.
The new prices per litre that will go into effect on November 1 are Super 98 at Dh1.81 (in October it was Dhs1.90), Special 95 at Dh1.70 (was Dhs1.79 in October), E Plus-91 at Dh1.63 (was Dhs1.72 in October).
Only diesel prices have gone up – they are now Dh1.89 a litre, whereas they were Dhs1.87 a litre in October.
Why do fuel prices change every month now?
Well, for years the price of petrol in the UAE was subsidised by the government. This has shielded consumers in the country from global fluctuations in the cost of petrol, which are mostly influenced by the price of oil. These subsidies have been removed and, as of August 1, UAE consumers now pay rates based on average global prices.
The prices for all kinds of petrol and diesel, for all of the UAE, are being set by the newly-formed Fuel Price Committee. The committee is tasked with monitoring the global prices of petrol and diesel and are expected to announce each month’s new prices on the 28th.
95 OCTANE PRICES
Dhs2.14 a litre
Dhs1.96 a litre
Dhs1.79 a litre
Dhs1.70 a litre