The prices of petrol and diesel in the UAE will fall next month, it has been announced.
Prices increased in October and September to reflect the trend in the oil market.
How much will fuel cost in November?
The breakdown in fuel price per litre for November is as follows:
• Super 98: Dh3.03, from Dh3.44 in October (down by 11.9 per cent)
• Special 95: Dh2.92, from Dh3.33 in October (a drop of 12.3 per cent)
• Diesel: Dh3.42, from Dh3.57 in October (down by 4.2 per cent)
• E-plus 91: Dh2.85, from Dh3.26 in October (decline of 12.5 per cent)
The UAE liberalised fuel prices in 2015 to allow them to move in line with the market. In 2020, prices were frozen by the Fuel Price Committee after the onset of the coronavirus pandemic.
The controls were removed in March 2021 to reflect the movement of the market once again.
Oil prices, which breached the $95 mark in September, have since pared some gains amid concerns over the global economy and rising crude supply from countries such as Iran and Venezuela.
However, Brent crude, the benchmark for two thirds of the world's oil, has risen by about 6 per cent since October 7, when Hamas, which rules Gaza, attacked southern Israel, killing about 1,400 people and taking more than 200 hostages.
Israel has retaliated with air strikes and total siege of the enclave, with the Palestinian death toll exceeding 8,000.
Oil prices could rise to $157 a barrel in the near term if an escalation of the Israel-Gaza conflict results in a big crude supply disruption in the Middle East, the World Bank has said.
In a “large disruption” scenario, comparable to the Arab oil embargo of 1973, global supply would shrink by six million to eight million barrels per day, driving up prices to a range of $140 to $157 a barrel, the World Bank said in its latest Commodity Markets Outlook on Monday.
Under the World Bank’s baseline forecast, oil prices are projected to average $90 a barrel in the current quarter before declining to an average of $81 a barrel next year amid a global economic slowdown.
Earlier this month, Goldman Sachs maintained its oil price forecast of $100 a barrel by June 2024 on supply cuts from Opec+ producers Saudi Arabia and Russia.
Swiss lender UBS expects Brent crude to trade in the range of $90 to $100 a barrel over the next 12 months.
Earlier this month, Opec stuck to its forecast for oil demand growth for 2023 and 2024 and said it expected the global economy to grow at a faster pace this year.
World oil demand will rise by 2.25 million bpd in 2024, compared with a growth of 2.44 million bpd this year, the group said in its monthly oil market report.
UAE currency: the story behind the money in your pockets
COMPANY%20PROFILE%20
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'Gehraiyaan'
Director:Shakun Batra
Stars:Deepika Padukone, Siddhant Chaturvedi, Ananya Panday, Dhairya Karwa
Rating: 4/5
Company%20Profile
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What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Key changes
Commission caps
For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:
• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term).
• On the protection component, there is a cap of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).
• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated.
• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.
• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.
Disclosure
Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.
“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”
Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.
Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.
“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.
Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
AndhaDhun
Director: Sriram Raghavan
Producer: Matchbox Pictures, Viacom18
Cast: Ayushmann Khurrana, Tabu, Radhika Apte, Anil Dhawan
Rating: 3.5/5
Fatherland
Kele Okereke
(BMG)
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Killing of Qassem Suleimani
Mohammed bin Zayed Majlis
VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
Company profile
Company name: Suraasa
Started: 2018
Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker
Based: India, UAE and the UK
Industry: EdTech
Initial investment: More than $200,000 in seed funding
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