UAE to decrease fuel prices in November - Gulf Business
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UAE to decrease fuel prices in November

UAE to decrease fuel prices in November

The country links fuel prices to international oil rates

The UAE will cut fuel prices in November after three months of hikes, according to figures posted on Twitter by ENOC.

The company said new rates the price for Super 98 has been decreased 1.53 per cent from Dhs2.61 to Dhs2.57 and Special 95 1.6 per cent from Dhs2.50 to Dhs2.46.

However, diesel prices will significantly increase for the second straight month, rising 3.26 per cent from Dhs2.76 to Dhs2.87.

All rates are inclusive of VAT.

The UAE links fuel prices to movements in international oil rates, which have decreased from a high of more than $82 a barrel last at the start of the month.

Brent crude currently stands at around $77.40 after market concerns that Saudi Arabia could cut supply if it faced sanctions following the death of journalist Jamal Khashoggi were eased.

Read: Saudi says won’t repeat 1973 oil embargo

The kingdom said last week that the market could shift towards oversupply in the fourth quarter due to geopolitical concerns.

Read: Saudi Arabia says oil market could shift to oversupply in Q4


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