UAE Petrol prices are going to see a steep increase in November 2024, as they do globally. The Ministry of Energy has instructed this revision to be carried out, and it is in line with the trend of oil prices around the world.
Let’s see what the new petrol prices look like, how they compare to last month, and what it will mean for consumers.
November 2024 Petrol Prices
As of November 1, 2024, the petrol prices in the UAE are as follows:
- Super 98: AED 2.74 per liter (up from AED 2.66 in October)
- Special 95: AED 2.63 per liter (up from AED 2.54)
- E-Plus 91: AED 2.55 per liter (up from AED 2.47)
These price increments, while modest, can have implications for consumers, especially for those who rely heavily on their vehicles for daily commuting or business operations.
Previous Month Price Comparison
To provide a clearer perspective, here’s how the petrol prices have changed over the past six months:
October 2024:
- Super 98: AED 2.66
- Special 95: AED 2.54
- E-Plus 91: AED 2.47
September 2024:
- Super 98: AED 2.90
- Special 95: AED 2.78
- E-Plus 91: AED 2.71
August 2024:
- Super 98: AED 3.05
- Special 95: AED 2.93
- E-Plus 91: AED 2.86
July 2024:
- Super 98: AED 2.99
- Special 95: AED 2.88
- E-Plus 91: AED 2.80
June 2024:
- Super 98: AED 3.14
- Special 95: AED 3.02
- E-Plus 91: AED 2.95
May 2024:
- Super 98: AED 3.34
- Special 95: AED 3.22
- E-Plus 91: AED 3.15
Observing the Trends
Over the past six months, petrol prices in the UAE have shown a general trend of fluctuation, with notable peaks in May and June 2024. The latest increase in November continues this trend of minor adjustments that have characterized the fuel pricing landscape throughout the year.
Implications on Consumers
The new hikes in fuel prices, even though small, have brought with them a host of implications on consumers.
- Budget Changes: Heavy consumers include commuters or businesses using transport services; they must change their budget according to the current increase. Clients who cover long distances or have more vehicle fleets will have to factor in this new cost.
- Effects on Commodities and Services: Increased petrol prices can, in the long run, increase transport costs, hence affecting commodity and service prices. Eventually, consumers are likely to feel the rise in costs as they watch their bills rise over time.
- Transition to Alternative Fuel Sources: As the prices of petrol change, the drivers would opt for other fuel types or more efficient vehicles to reduce their reliance on such fuels. It is, therefore, an adjustment to trends globally that seem to have adopted sustainability and environmental considerations.
The Ministry of Energy reviews the prices of petrol every month. It is set to review prices in December 2024. Thus, domestic fuel prices would always be at par with the trends within the global oil market as well as the costs for distribution within the local market. Consequently, further changes may still be required due to market conditions.
The increase in petrol prices for November 2024 shows that fuel prices in the UAE are changing. As a consumer, it is useful to be abreast of these changes and to have better financial planning and decision-making related to transportation.
