Crude oil prices, although dropped on last settlement on Friday, they have been on a recovery mode as oil procedures are hell bent on clinching a deal to cut output cut.
Slightly below the psychological mark of $50 per barrel, the global benchmark Brent is trading currently at $49.71 per barrel and the US benchmark West Texas Intermediate (WTI) is at $48.70 per barrel.
Taking cue from global oil prices, UAE’s domestic fuel prices are set to go up in November as new announcements reveal.
Motorists in the country will have to pay 5 per cent more for petrol and 8.5 per cent for Diesel from Tuesday.
On Sunday, the UAE Ministry of Energy announced on its website that Super 98 grade petrol will be sold for AED1.90 per litre, up from AED1.81 in October. Special 95 will cost AED1.79, up 5.2 per cent, while E Plus 91 will be retailed at AED1.72 in November, instead of previous month’s AED1.63.
The price of diesel price has been increased from AED1.762 per litre by 8.5 per cent to AED1.91 per litre.
In July last year, the country decided to do away with petroleum subsidies, which were estimated at $7 billion annually, by deregulating domestic fuel against average international levels.
The government has been announcing fuel prices for each month ever since.