The prices of petrol in the UAE have seen a reduction of over 40 percent when compared to the global average.

For the month of November, the UAE's Fuel Price Committee has lowered the retail prices of all three petrol variants by approximately 12 percent. The three types - Super 98, Special 95, and E-plus 91 - will now be priced at Dh3.03, Dh2.92, and Dh2.85 per liter, respectively. These prices are among the lowest seen in the past four months.

This marks the first decrease in retail fuel prices in the last four months, providing relief for drivers in the country. According to data from globalpetrolprices.com, the global average price for 95-octane petrol, equivalent to Special 95 in the UAE, is Dh4.91, making the November price of Dh2.92 nearly 40.5 percent cheaper.

Petrol and diesel prices have a significant impact on controlling inflation within the UAE. The major contributors to inflation in the country are housing, transportation, food and beverages, and education. Transportation alone accounts for nearly 13 percent of the total inflation weightage, according to Trading Economics.

Since 2015, the UAE has been adjusting monthly retail fuel prices as part of its deregulation policy to align them with global rates. As of Tuesday, WTI and Brent crude oil prices were trading at $82.64 and $88.06 per barrel, respectively.

The World Bank has projected that oil prices will average $90 a barrel in the fourth quarter of this year but are expected to fall to $81 next year. The organization has also cautioned that the Palestine-Israel conflict could lead to unprecedented disruptions in global commodity markets, potentially causing oil prices to surge to as high as $157 a barrel due to a significant disruption in global supply resulting from the Middle East crisis.

Here's a summary of the petrol prices for Super 98, Special 95, and E-Plus 91 for the year: