November 2024 Petrol Price Outlook in the UAE: Anticipating a Potential Decrease
UAE Fuel Price Outlook: Anticipating Fluctuations and Trends for November 2024
As we approach the start of November, attention turns toward the expected petrol prices in the United Arab Emirates (UAE) for the upcoming month. Following a notable decrease in petroleum and diesel prices throughout October, which marked the lowest rates observed this year, uncertainty looms around the possibility of further price reductions as the country navigates shifting global oil markets.
The revised fuel rates will come into effect on Friday, November 1, 2024. Currently, the rates across Dubai are as follows:
– Super 98: Dhs2.66 per litre
– Special 95: Dhs2.54 per litre
– E-Plus 91: Dhs2.47 per litre
– Diesel: Dhs2.60 per litre
Historically, the UAE has experienced significant fluctuation in fuel prices, especially during this time of the year. In 2023, petrol prices peaked in October, subsequently declining through the months of November, December, and January. The year 2024 has mirrored these trends to some extent, with prices reaching a peak in May before steadily decreasing in subsequent months.
A Detailed Review of 2024 Fuel Prices
To better understand the trajectory of fuel prices in the UAE this year, let’s examine the monthly price fluctuations:
January 2024
– Super 98: Dhs2.82 per litre
– Special 95: Dhs2.71 per litre
– E-Plus 91: Dhs2.64 per litre
– Diesel: Dhs3.00 per litre
February 2024
– Super 98: Dhs2.88 per litre
– Special 95: Dhs2.76 per litre
– E-Plus 91: Dhs2.69 per litre
– Diesel: Dhs2.99 per litre
March 2024
– Super 98: Dhs3.03 per litre
– Special 95: Dhs2.92 per litre
– E-Plus 91: Dhs2.85 per litre
– Diesel: Dhs3.16 per litre
April 2024
– Super 98: Dhs3.15 per litre
– Special 95: Dhs3.03 per litre
– E-Plus 91: Dhs2.96 per litre
– Diesel: Dhs3.09 per litre
May 2024
– Super 98: Dhs3.34 per litre
– Special 95: Dhs3.22 per litre
– E-Plus 91: Dhs3.15 per litre
– Diesel: Dhs3.07 per litre
June 2024
– Super 98: Dhs3.14 per litre
– Special 95: Dhs3.02 per litre
– E-Plus 91: Dhs2.95 per litre
– Diesel: Dhs2.88 per litre
July 2024
– Super 98: Dhs2.99 per litre
– Special 95: Dhs2.88 per litre
– E-Plus 91: Dhs2.80 per litre
– Diesel: Dhs2.89 per litre
August 2024
– Super 98: Dhs3.05 per litre
– Special 95: Dhs2.93 per litre
– E-Plus 91: Dhs2.86 per litre
– Diesel: Dhs2.95 per litre
September 2024
– Super 98: Dhs2.90 per litre
– Special 95: Dhs2.78 per litre
– E-Plus 91: Dhs2.71 per litre
– Diesel: Dhs2.78 per litre
The most recent update for October revealed the following figures, which demonstrate a continued trend toward lower prices.
Historical Context and Future Implications
The liberalization of fuel prices in the UAE in 2015 was a pivotal moment, as it aligned local rates with global oil market prices. Since that landmark decision, the fuel price committee has convened monthly to reassess and announce the new rates. This initiative by the government aims to promote the usage of public transportation and foster an interest in alternative fuel sources among residents.
Experts anticipate that the steady decline in fuel prices could also have a multi-faceted impact on the economy, as lowered fuel costs may lead to decreased transportation expenses for consumers and businesses alike. Furthermore, significant shifts in fuel prices can trigger broader discussions surrounding energy consumption and sustainability, particularly in a region making conscious efforts toward reducing its carbon footprint.
As fuel price speculation continues, it is paramount for consumers and businesses to stay informed, as the implications of these prices extend beyond merely filling tanks. The landscape of daily life, transportation, and the economy as a whole hinges on these fluctuations, making it essential to remain vigilant and adaptive.
Tags: #EconomyNews #UAE #RealEstateNews
