Oil prices exceed $110; Will gasoline become more expensive in the UAE?

On Wednesday, oil prices continued their upward trend, surpassing $110 per barrel due to concerns about oil supply from the Middle East and declining U.S. oil reserves.

This morning, Brent crude was trading at $110.4 and West Texas Intermediate (WTI) at $99.16 per barrel, reflecting increases of 1.37% and 1.47% for these two oil benchmarks, respectively.

In the first three weeks of October, oil prices have been trading at higher levels compared to the same days in September, due to concerns about the war in the Middle East.

In the UAE, fuel prices reached their highest level in over four years in October. Following the rise in global oil prices, the rates for Super 98, Special 95, and E-Plus 91 gasoline increased by about 0.60 dirhams per liter, equivalent to 16%.

The prices of various gasoline types in October compared to September are as follows:
- Super 98 gasoline: 4.40 dirhams per liter in October, compared to 3.80 dirhams in September.
- Special 95 gasoline: 4.28 dirhams per liter in October, compared to 3.69 dirhams last month.
- E-Plus 91 gasoline: 4.21 dirhams per liter in October, compared to 3.61 dirhams in September.
 
The average price of Brent crude oil contracts for delivery in December was about $104.7 per barrel during the first three weeks of October, while this figure was recorded at $101.37 in the same period last month.

At the end of each month, the UAE reviews retail fuel prices to align with global prices. For November 2026, the UAE Fuel Pricing Committee will announce the gasoline rates on October 31.

Considering that there are still 10 days left until the price announcement, the new rates will be determined and adjusted based on the average monthly oil price and other influencing factors.

Source: Gulf Times