UAE fuel prices for November: Will petrol stay above Dh4 per litre?

Dubai, UAE - UAE motorists may see another petrol and diesel price hike in November as global oil prices soar to five-month highs, with record shipping costs adding to market pressure. Brent crude oil recently surpassed $110 a barrel for the second time, buoyed by renewed threats to Middle East oil shipments and signs of recovering exports from Gulf producers.

UAE fuel prices have already jumped nearly 16% in October, with Super 98 at Dh4.40 per litre, Special 95 at Dh4.28, and E-Plus 91 at Dh4.21. Diesel costs Dh4.80. These increases represent around 70% to 75% above February levels, with diesel approximately 76% higher.

The upcoming November prices will be influenced by the broader October trend and not just Brent's latest quotation. Record shipping costs, including $35 per barrel on some Middle East routes, have contributed to the price surge, along with war-risk premiums and higher vessel fuel costs. While Gulf oil exports have recovered, total Middle East oil flows are still below pre-war levels, and estimates of shipments through the Strait of Hormuz vary.