UAE Petrol Prices Drop for First Time in Four Months as November Rates Take Effect

UAE petrol and diesel prices will fall in November, marking the first reduction in four months and catching analysts off guard given that global crude oil prices surged roughly 15 percent last month, with Brent crude settling at six-month highs of $117.64 per barrel. Super 98 petrol drops to Dh4.16 per litre from Dh4.40, a decline of 5.5 percent. Special 95 falls to Dh4.04 from Dh4.28, E-Plus 91 to Dh3.97 from Dh4.21, and diesel to Dh4.75 from Dh4.80, a smaller reduction of about one percent. Despite the cuts, pump prices remain roughly 80 percent above February levels, before the Iran war began. The UAE has linked its retail fuel prices to global oil markets since deregulating in 2015, though governments can also intervene to moderate costs at the pump. Analysts had previously expected another increase in November, pointing to vessel attacks on the Strait of Hormuz, Houthi attacks on Saudi Arabia, and the possibility of renewed US hostilities with Iran as factors keeping markets on edge. Ahmed Zaheer, a consultant at Dubai-based Qamar Energy, noted that persistent geopolitical risks and higher freight costs support elevated oil prices, while weaker demand and the prospect of a diplomatic breakthrough could limit further increases.