As the UAE prepares to announce new fuel prices for November, recent volatility in global oil markets has raised concerns among residents about another possible increase at the pumps.
Under October's current prices, Super 98 petrol stands at Dh4.40 per litre, Special 95 at Dh4.28, E-Plus 91 at Dh4.21, and diesel at Dh4.80 per litre. At these rates, a 60-litre fill with Special 95 costs around Dh256.80.
Market analysts say the surge in Brent crude above $116 a barrel has increased the likelihood of another price rise at UAE pumps in November. However, Monday's 1.4 per cent drop in Brent to $110.12 a barrel could help temper the size of any increase. Analysts estimate that if prices do rise, fuel could become 10 to 20 fils more expensive per litre, adding roughly Dh6 to Dh12 to a standard fill-up.
Brent crude, which traded below $97 a barrel in early October, climbed to a peak of $116.72 on Friday. Analysts attribute the sharp rise mainly to shipping disruptions through the Strait of Hormuz and attacks on regional infrastructure, which have pushed transport costs on some routes from around $3 a barrel to more than $20, and as high as $35 on certain routes.
Despite a partial recovery in Gulf oil exports helping offset some of the supply pressure, continued regional instability has kept upward pressure on prices intact. As is customary, the UAE's final fuel prices for November are expected to be announced in the closing days of October.