UAE petrol prices cheaper by over 40% than global average

PHOTO

UAE - Petrol prices in the UAE are now cheaper by over 40 per cent as compared to the global average.

The UAE’s Fuel Price Committee reduced retail petrol prices of the three variants by around 12 per cent for the month of November.

The three variants Super 98, Special 95 and E-plus 91 will cost Dh3.03, Dh2.92 and Dh2.85 per litre, respectively, bringing them almost to the lowest level over the past four months.

This is the first time that the retail fuel prices have been reduced in the past four months, bringing relief to motorists in the country.

According to globalpetrolprices.com, the average global price of 95-octane petrol, Special 95 in the UAE, is Dh4.91 as compared to Dh2.92 in November, cheaper by 40.5 per cent.

Petrol and diesel prices play crucial roles in containing inflation in the country. In the UAE, housing, transportation, F&B and education are the major contributors to inflation. Transport accounts for nearly 13 per cent of the total inflation weightage, according to Trading Economics.

Since 2015, the UAE has been revising monthly retail fuel prices as part of its deregulation policy to align the rates with the global rates. On Tuesday afternoon, WTI and Brent were trading at $82.64 and $88.06 a barrel, respectively.

World Bank on Monday projected that oil will average $90 a barrel in the fourth quarter of this year but will fall to $81 next year.

It warned that the Palestine-Israel conflict could “push global commodity markets into uncharted waters”. It said prices of oil could rise to as high as $157 a barrel in case of large disruption to global supply due to the Middle East crisis.

	Super 98	Special 95	E-Plus 91
January	2.78	2.67	2.59
February	3.05	2.93	2.86
March	3.09	2.97	2.90
April	3.01	2.90	2.82
May	3.16	3.05	2.97
June	2.95	2.84	2.76
July	3.00	2.89	2.81
August	3.14	3.02	2.95
September	3.42	3.31	3.23
October	3.44	3.33	3.26
November	3.03	2.92	2.85