The UAE’s Fuel Price Committee has announced a significant reduction in retail petrol prices, offering welcome relief to motorists in the country. For the month of November, prices for the three petrol variants, including Super 98, Special 95, and E-plus 91, have been cut by approximately 12 percent. This marks the first reduction in retail fuel prices in the past four months.The new prices for the three petrol variants are as follows:Super 98: Dh3.03 per litre Special 95: Dh2.92 per litreE-plus 91: Dh2.85 per litreThese price adjustments bring the cost of petrol in the UAE to its lowest level in the last four months. Notably, the average global price for 95-octane petrol, equivalent to Special 95 in the UAE, is Dh4.91, making the November prices cheaper by an impressive 40.5 percent.
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The reduction in petrol prices comes as a relief to the citizens of the UAE, where housing, transportation, food, and beverage, as well as education, are significant contributors to inflation. Transportation alone accounts for nearly 13 percent of the total inflation weightage, according to Trading Economics.The UAE has been following a policy of revising monthly retail fuel prices since 2015, aligning them with global rates. On Tuesday afternoon, the prices of WTI and Brent crude oil were trading at $82.64 and $88.06 a barrel, respectively.The World Bank’s projection for the fourth quarter of this year estimates an average oil price of $90 per barrel, which is expected to fall to $81 per barrel next year. However, the World Bank has issued a warning, stating that the ongoing Palestine-Israel conflict could potentially disrupt global commodity markets and push oil prices as high as $157 per barrel in the event of a significant disruption to global supply due to the Middle East crisis.
