Gas prices in the United Arab Emirates are falling in November, despite the situation on world oil markets.
The UAE Department of Energy announced on Monday that gas prices will be reduced by 4 percent starting Wednesday, November 1, 2017, while diesel prices will increase slightly.
The cost of a liter of Super 98 will be 2.03 dirhams ($ 0.55), which is 4.25 percent less than the October figure. Special 95 will drop in price by 4.48 percent to 1.92 dirhams ($ 0.52), and the E Plus will cost 1.85 dirhams ($ 0.5) instead of 1.94 dirhams ($ 0.53). Diesel prices will rise to 2.11 dirhams ($ 0.57), which is 0.5 percent more than last month.
The cost of gasoline and diesel in the UAE has fluctuated in the market for almost two years, as the Department of Energy began to liberalize fuel prices using “base prices” that were not publicly announced.
This month, the price of Brent crude oil was $ 60 per barrel, reaching a two-year high. It was influenced by support for reducing Saudi production and the ongoing conflict in Iraq.
The World Bank forecasts oil prices at an average of $ 56 per barrel next year, up 5.6% from $ 53 this year, according to the report "Prospects for commodity markets."
