(MENAFN- Khaleej Times) In a major respite for UAE motorists, the Ministry of Energy on Tuesday decreased fuel prices by more than 4 per cent for the month of November, following three months of consecutive increase.
Official figures showed that 91 unleaded petrol price has been reduced by 4.6 per cent to Dh1.85 for November from Dh1.94 in October.
Similarly, 95 octane petrol has been decreased by 4.4 per cent to Dh1.92 for next month from Dh2.01 this month, while 98 octane price fell from Dh2.12 to Dh2.03, a drop of 4.2 per cent.
Data shows that the UAE fuel prices in the month of October were the highest year-to-date.
However, diesel price has been marginally increased by 1 fil to from Dh2.11.
Crude prices in the global market have been steadily upward since the beginning of this month. Brent was hovering around $60.50 per barrel on Monday afternoon. It hit monthly low of $55.46 on October 4.
"Global crude oil prices, particularly Brent, have firmed up more than we expected and we are adjusting our numbers slightly higher for Q4 2017 and H1 2018. We see Brent averaging $54 this quarter and $52.50/bbl in H1 2018, compared our previous forecasts of $50 and $49.50/bbl, respectively. We also adjust WTI to average $49 this quarter, relative to our previous forecast of $47/bbl," Bank of America Merrill Lynch said in a note.
The US bank's analysts noted that these higher global crude oil price projections come partly on stronger-than-expected demand and Opec compliance, but it also believes that higher prices will push up US domestic shale output next year.
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