UAE cuts petrol prices by over 4% for November

Petrol prices have been reduced for the month of November in the UAE, the Ministry of Energy has announced.

From November 1, Super 98 will cost Dhs2.03 per litre, down 4.24 per cent from Dhs2.12 in October, Special 95 will be priced at Dhs1.92 per litre, a drop of 4.47 per cent from Dhs2.01 last month, while the cost of E Plus-91 has been reduced by 4.6 per cent to Dhs1.85 per litre from Dhs1.94 in October.

However, the price of diesel has been kept almost flat at Dhs2.11 per litre, compared to Dhs2.10 in October.

The decrease in prices comes after the UAE hiked fuel prices consistently for the past three months.

Also read: UAE increases fuel prices for October 2017

Fuel prices in the UAE are linked to international crude oil prices, which have seen a steady hike.

Earlier this week, Brent crude reached its highest since July 2015, rising above $60 per barrel, after Saudi agreed to support the extension of a global deal to cut oil output.

“The kingdom affirms its readiness to extend the production cut agreement, which proved its feasibility by rebalancing supply and demand,” Saudi Crown Prince Mohammed bin Salman said on Saturday.

“The high demand for oil has absorbed the increase in shale oil production,” he added.

Read more: Saudi ready to extend oil output cut deal- Crown Prince