Surging global oil benchmarks and escalating Middle East geopolitical tensions point to possible petrol and diesel price hikes across the Emirates.
DUBAI, United Arab Emirates — Retail petrol and diesel prices across the United Arab Emirates are facing strong upward pressure ahead of the monthly price review for November, driven by a sharp rally that pushed international Brent crude past $116 a barrel.
Brent crude rose more than 1.05 percent to reach $116.1 a barrel on Friday, while US West Texas Intermediate (WTI) climbed 1.18 percent to trade at $103.2. Brent futures for December delivery traded toward $117 a barrel ahead of their expiration, while the January contract held above $112. The global benchmark has climbed substantially from below $97 a barrel recorded at the start of October.
The surge in global oil markets reflects mounting geopolitical friction and energy supply concerns in the Middle East. Oil prices advanced amid indications that the United States could resume military strikes against Iran. A Wall Street Journal report noted that a senior military commander briefed President Donald Trump on potential military options on Thursday, following multiple signals from Trump regarding potential strikes on Tehran following next week’s midterm elections.
Shipping risks have heightened supply uncertainties, particularly around the critical Strait of Hormuz, where attacks on vessels and regional infrastructure have unsettled markets. While shipping data shows Gulf producers have managed to restore significant export volumes using alternative routes, freight rates have escalated dramatically. Goldman Sachs estimates that global oil transportation expenses jumped from roughly $3 per barrel last year to over $20, with specific Middle East routes surging to $35 per barrel. The bank cautioned that extended maritime disruptions could keep oil above its $90 baseline estimate through the close of 2026.
Under the current October pricing framework, Super 98 petrol sells at Dh4.40 per litre, Special 95 at Dh4.28, and E-Plus 91 at Dh4.21, following an approximate 16 percent increase from September. Diesel is currently set at Dh4.80 per litre after an 11.6 percent rise. A full 60-litre tank of Special 95 currently costs motorists Dh256.80, up from Dh221.40 in September, while a 60-litre tank of Super 98 costs Dh264 and E-Plus costs Dh252.60.
Current retail rates sit just below the historical records established in July 2022, when Super 98 reached Dh4.63, Special 95 touched Dh4.52, and E-Plus hit Dh4.44 per litre. Super 98 and E-Plus remain 23 fils below their all-time peaks, while Special 95 is 24 fils short of its record level.
The UAE Fuel Price Committee determines domestic rates based on global crude and refined product averages across the entire month rather than single-day fluctuations. An official announcement detailing the finalized retail rates for November is scheduled for release at the end of October.
