Here’s how much petrol, diesel will cost you in November

The UAE announced the retail fuel prices for November 2024 on Thursday, increasing the rates by as much as 9 fils per litre compared to the previous month.

From November 1, 2024, Super 98 petrol will cost Dhs2.74 a litre from Dhs2.66 in October, while Special 95 will cost Dhs2.63 a litre compared to Dhs2.54 a month earlier.

Diesel will cost Dh2.67 a litre in October, up from Dhs2.60 the previous month, while the price of E-plus 91 rose to Dhs2.55 compared to Dhs2.47 the previous month.

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

The approved fuel prices by the Ministry of Energy, according to the average global price of oil, whether up or down, after adding the operating costs of distribution companies.

In October, the fuel price committee reduced the retail rates for Super 98, Special 95, and E-Plus 91 by as much as 0.24 fils per litre.

Meanwhile, global oil prices extended gains on Thursday,  driven by optimism about US fuel demand following a surprise drop in crude and gasoline inventories. Furthermore, reports of OPEC+ potentially delaying a planned output increase provided further support to the market.

Brent crude futures gained 47 cents, or 0.61%, to $72.99 a barrel as of 10:40 GST on October 31, while  US West Texas Intermediate (WTI) crude futures rose by 34 cents, or 0.50 per cent to $68.96.

Both contracts rose more than 2 per cent on Wednesday after falling more than 6 per cent earlier in the week on the reduced risk of a wider Middle East conflict. Lebanon’s caretaker Prime Minister Najib Mikati expressed optimism on Wednesday that a ceasefire deal with Israel would be announced within days as Israel’s public broadcaster published what it said was a draft agreement providing for an initial 60-day truce.

OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies such as Russia, could reportedly delay a planned oil production increase in December by a month or more because of concern over soft oil demand and rising supply.

The group is scheduled to raise output by 180,000 barrels per day (bpd) in December. It had already delayed the increase from October because of falling prices.

Read: UAE cuts petrol, diesel prices for October 2024