The UAE is set to adjust retail fuel prices for July to align with global rates.
In June, petrol prices dropped by 20 fils per litre, making Super 98, Special 95, and E-Plus 91 cost Dh3.14, Dh3.02, and Dh2.95 per litre, respectively. This reduction followed a nearly $5 decrease in the average price of Brent crude oil in May.
Globally, oil prices rose in June, starting the month at $78 per barrel and climbing to $86 per barrel by June 28. However, the average price of Brent crude for June was $82.59, slightly lower than May’s average of $83.35.
Since the UAE deregulated retail fuel prices in August 2015, local petrol prices have been adjusted monthly based on the previous month’s oil prices. This trend will continue with the July price adjustment.
In June, UAE petrol prices were Dh1.84 per litre cheaper than the global average.
Vijay Valecha, chief investment officer at Century Financial, noted that traders are monitoring summer fuel demand and tensions on the Israel-Lebanon border. Analysts believe that easing interest rates by the US Federal Reserve could boost oil demand by increasing consumer spending.
