UAE increases fuel prices for the month of November

Gulf Today, Staff Reporter

The UAE energy ministry has increased the prices of petrol and diesel for the month of November, taking effect on Nov.1.

These prices include a value-added tax of 5 per cent.

The November’s new price of a litre of Super 98 petrol will be sold at Dhs3.32 per litre in all fuel stations. It was Dhs3.03 per litre in October.

The price of a litre of Special 95 petrol will be at Special 3.20. In September, it was Dhs2.92.

Diesel will be sold at Dhs4.01. It was Dhs3.76 in October.

E-Plus will be available for Dhs3.13. The October price for E-Plus was Dhs2.85.

On the other hand, Opec raised its forecasts for world oil demand in the medium- and longer-term in an annual outlook released on Monday and said $12.1 trillion of investment is needed to meet this demand despite the energy transition.

The view from the Organization of the Petroleum Exporting Countries, in its 2022 World Oil Outlook, contrasts with that of other forecasters which see oil demand reaching a plateau before 2030 due to the rise of renewable energy and electric cars.

Another decade of oil demand growth would be a boost for Opec, whose 13 members depend on oil income.

The group has been arguing that oil should be part of the energy transition and that focus by investors on economic, social and governance (ESG) issues has worsened an investment shortfall.

"The overall investment number for the oil sector is $12.1 trillion out to 2045," Opec Secretary General Haitham Al Ghais wrote in the foreword to the report, which said the figure was up from last year's estimate.