ABU DHABI, 1 November – Petrol prices in the UAE are set to rise nearly 10 per cent in November 2022, after seeing a drop in three consecutive months, the Emirates General Petroleum Corporation announced on Monday.
Here’s how much it will cost to fuel up your vehicle in November:
Special 95 – AED 3.20 a litre
Super 98 – AED 3.32 a litre
E-Plus – AED 3.13 a litre
Diesel – AED 4.01 a litre
The new prices fall significantly below July 2022 highs, with Special 95 now 41 per cent cheaper.
Petrol prices are affected by a global increase in crude oil prices, which have soared since the beginning of 2022. The ongoing Russia-Ukraine conflict is one of the key reasons for the rising cost of oil, and consequently petrol prices, as Russia is one of the world’s largest exporters of oil.
The price for crude has increased by around 10 per cent in October after the OPEC+ alliance announced it would make sizable cuts to output. This agreement is set to begin taking effect in November.
Oil prices have dipped from earlier this year, dropping around 25 per cent of its value since June, as concerns over a global inflationary macroeconomic environment have increased fears of a economic downturn.
Petrol prices mirror the price of oil, with consumers feeling the pinch as prices increase.
Oil prices dipped slightly on Monday, with West Texas Intermediate futures dipping below $87 a barrel after economic data from China signalled a slowdown in factory and services activity.
OPEC recently released projections suggesting that the global demand for oil will continue to grow for another decade. The group’s World Oil Outlook report suggests that world oil consumption will hit 109.5 million barrels a day in 2035 and hold the same level for another decade. — Arabian Business