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The UAE is expected to reveal its fuel prices for November today, with motorists eagerly anticipating whether relief is on the way following last month’s increase. Despite recent dips in global oil prices, new geopolitical developments have kept markets unpredictable.
The UAE’s November fuel prices are set to be announced today, sparking anticipation among motorists after October’s 7–8 fils price hike. Falling crude oil prices and easing global tensions have raised hopes for a possible drop in pump rates, though the final outcome will depend heavily on recent market fluctuations.
In October, petrol prices rose modestly, with Super 98 priced at Dh2.77 per litre, Special 95 at Dh2.66, E-Plus 91 at Dh2.58, and diesel at Dh2.71, up from Dh2.66 in September. Since the deregulation of fuel prices in 2015, the UAE has adjusted rates monthly in line with global oil trends — increasing when crude rises and easing when it falls.
Globally, Brent crude traded just below $65 a barrel on Thursday after a meeting between Donald Trump and Xi Jinping signalled improved U.S.–China trade relations, which could boost oil demand and stabilize prices. However, the market also saw volatility earlier this week when new U.S. sanctions on major Russian producers caused a 5.4% surge in Brent prices, marking the largest weekly gain since June.
Analysts now warn that the market’s shift into “backwardation” — where current oil prices exceed future ones — signals tightening supply and short-term price strength. “Before the sanctions, markets were pointing to lower prices ahead. After the sanctions, expectations shifted to higher prices,” explained Arne Lohmann Rasmussen of Global Risk Management.
Despite earlier predictions of lower prices, the new sanctions have prompted many experts to expect steady or slightly higher UAE fuel prices for November. Analysts at Capital Economics noted that the impact could even push the market into a deficit next year if restrictions persist.
For motorists, this means only limited room for price cuts in the immediate future. While U.S. crude recently dipped below $57 a barrel, the lowest since early 2021, supply constraints could keep UAE prices firm through November, with any significant drop likely to come later.
