Gasoline and diesel fuel prices announced in the UAE for November 2026

Drivers in South Africa may experience some relief at gas stations next week as fuel prices are expected to decrease, despite rising global oil prices and a weakening rand.

According to the latest data from the Central Energy Fund (CEF), there is a shortfall in revenue from petrol and diesel, indicating a potential price increase before accounting for the temporary reduction in fuel levy.

However, planned government levy reductions should offset this increase, leading to lower fuel prices after the adjustments take effect in November.

The latest CEF figures, covering the period up to October 28, show a revenue shortfall of approximately 1.23 rand per liter for petrol 93 and 1.07 rand per liter for petrol 95. Diesel also shows a shortfall, with grade 0.05% at about 1.44 rand per liter, and grade 0.005% at 1.35 rand per liter.

The expected price drop is linked to the government's decision to temporarily reduce the overall fuel levy as part of measures announced by Finance Minister Enoch Godongwana. From November 4 to December 1, the levy will be reduced by 1.50 rand per liter for petrol and by 3 rand per liter for diesel.

These reductions are intended to mitigate the impact of rising fuel costs and limit the effect on drivers. According to the latest forecasts, petrol 93 could fall by approximately 23 cents per liter, and petrol 95 by about 38 cents. Diesel prices are projected to decrease by approximately 1.57 rand per liter for grade 0.05% and by 1.65 rand for grade 0.005%.

Despite the expected decrease, economists warn that lower fuel prices may not lead to a significant improvement in household financial situations. Higher international oil prices and a weaker rand continue to put pressure on fuel costs. These factors may also affect transport costs and the prices of goods and services.

Furthermore, economists point to borrowing costs, inflation, and slow economic growth as challenges facing South African households. Thus, the temporary levy reduction is expected to provide only short-term relief and not solve the broader cost of living issues faced by consumers.

Oil prices continued to rise, reaching over $110 per barrel on Wednesday morning. The increase is driven by concerns about supplies in the Middle East and falling reserves in the US. On Wednesday, Brent and WTI grades traded at $110.4 and $99.16 per barrel, respectively, which is 1.37% and 1.47% higher than the previous period.

During the first three weeks of October, oil prices remained higher than in comparable days in September, linked to worries about military actions in the Middle East.

In the United Arab Emirates (UAE), fuel prices jumped in October to above a four-year high. This occurred due to rising global oil prices, leading to an increase in tariffs for Super 98, Special 95, and E-Plus 91 by 0.60 dirhams or 16% per liter.

In October, the cost of Super 98 was 4.40 dirhams per liter compared to 3.8 dirhams in September; Special 95 gasoline cost 4.28 dirhams per liter versus 3.69 dirhams last month; and E-Plus 91 amounted to 4.21 dirhams per liter in October, while the price in September was 3.61 dirhams per liter.

December Brent contracts averaged around $104.7 per barrel during the first three weeks of October, which is higher than $101.37 during the same period last month.

The UAE reviews retail fuel prices monthly to align with global prices. The UAE Fuel Price Committee will announce gasoline prices on October 31, 2026. Since there are 10 days left until that date, prices will be adjusted based on monthly oil prices and other factors.

Oil prices rose sharply after Iran notified Pakistan's army chief Asim Munir that negotiations with the US would not take place without meeting Iranian demands, as reported by Iranian media 'Nournews' on Tuesday. Furthermore, risks related to maritime security are increasing. According to Shiptracker Kpler, at least 18 attacks on vessels were registered in the last two weeks. LSEG analysts warn that Iran is targeting tankers far beyond the Strait of Hormuz, reaching the Gulf of Oman and jeopardizing crude oil loading in the Persian Gulf and transshipments supporting regional supplies.