2023-11-01 09:20:47
Abu Dhabi: UAE’s fuel price determination committee has announced retail fuel prices for the month of November. The retail petrol prices of all three variants are reduced by around 12 per cent. The three variants Super 98, Special 95 and Eplus 91 are priced at Dhs 3.03, Dhs 2.92 and Dhs 2.85 per litre, respectively. This is the lowest level in the last four months.
This is the first time in the last four months that fuel prices have come down. This will bring great relief to the motorists of the country. Taxi companies and organizations that regularly use the vehicle will benefit from the reduced price.
According to Global Petrol Prices.com, petrol prices in the UAE are more than 40% lower than the global average. The average global price of 95 octane petrol is AED 4.91 compared to AED 2.92 for Special 95 in the UAE this month. Prices in the UAE are 40.5 percent lower than the global average.
Petrol and diesel prices play a crucial role in keeping inflation down in the country. In the UAE, housing, transport, food and beverages and education are the main contributors to inflation. About 13 percent of the total inflation is related to the transport sector.
UAE retail fuel prices are revised every month according to the international market. It started from 2015. Earlier the fuel price was not changed frequently according to the market. WTI and Brent prices were at $82.64 and $88.06 per barrel following yesterday followingnoon.
The World Bank estimates that oil prices will average $90 per barrel by the end of this year. The World Bank also predicted last Monday that the price will drop to $81 next year. It was also warned that the Israeli-Palestinian conflict will push the global commodity market into crisis. The World Bank has warned that if there is a major disruption in global supply due to the crisis in West Asia, oil prices will rise to $157 per barrel.
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