Brent crude’s sharp late-October rise has put the United Arab Emirates’ (UAE) monthly review of November fuel prices in focus, though pump rates depend on a broader basket of costs than crude alone.
Gulf News reported Friday that Brent was at $116.10 a barrel after a gain of more than 1.05%. The U.S. benchmark West Texas Intermediate (WTI) stood at $103.20, up 1.18%, the outlet reported. Brent entered October below $97, according to Gulf News.
The rise does not by itself determine November’s pump prices. Gulf News said the review considers crude and refined-fuel prices across October rather than relying on one trading session. December Brent futures were approaching $117, while the more heavily traded January contract was above $112, the outlet reported.
The UAE’s monthly formula also reflects factors beyond crude. Emirates News Agency (WAM) says it considers global energy prices alongside local market needs. ADNOC Distribution says the calculation uses gasoline and diesel prices abroad and accounts for transport, distribution and operating expenses. EconoTimes previously covered the pending November review and its pricing framework.
Gulf News linked oil-market pressure to risks around Middle East shipments and uncertainty over the Strait of Hormuz. It cited Goldman Sachs estimates that global oil-transport costs averaged about $3 a barrel last year and have risen above $20, with some Middle East routes reaching $35. The outlet also said Gulf producers had restored significant export volumes through alternative routes, partly offsetting supply disruptions.
Any retail increase would add to drivers’ costs. Gulf News said an illustrative 10-fils-per-liter rise would add Dh6 to a 60-liter Special 95 fill; a 20-fils increase would add Dh12. The outlet described those examples as calculations, not predictions.
October petrol prices remained below their July 2022 records, Gulf News reported. Super 98 was Dh4.40 per liter versus the earlier Dh4.63 peak, Special 95 was Dh4.28 versus Dh4.52, and E-Plus 91 was Dh4.21 versus Dh4.44. Diesel was Dh4.80.
Gulf News said the November rates were expected at the end of October, but gave no exact announcement date.
