As global oil prices continue above $100 per barrel, petrol prices in the UAE will rise in July. Motorists in the UAE have paid much more in recent months, with a 10% increase in March, a 16% increase in April, and a 13% increase in June. For the month of July, the breakdown price per litre is as follows:
• Super 98: Dh4.63 — an increase of 11.5 per cent from Dh4.15 in June
• Special 95: Dh4.52 — an increase of 12.1 per cent from Dh4.03 in June
• Diesel: Dh4.76 — an increase of 14.9 per cent from Dh4.14 in June
• E-plus 91: Dh4.44 — an increase of 12.1 per cent from Dh3.96 in June
The UAE Fuel Price Committee declared the highest prices in June since they were liberalised in 2015 to allow them to vary in step with the market. The Fuel Price Committee freezes prices in 2020 at the start of the coronavirus pandemic. The limitations were abolished in March 2021 to reflect market movement.
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July 2022 fuel prices released by the #UAE Fuel Price Follow-up Committee pic.twitter.com/2vE4WBTfTu— Emarat (??????) (@EmaratOfficial) June 30, 2022
Brent, the worldwide benchmark for two-thirds of the world’s oil, has risen roughly 45 percent this year as Western economies recover from the epidemic and Russia’s military incursion in Ukraine continues, with the EU preparing to ban most Russian oil imports by the end of the year. Brent crude was trading 1.19 percent lower at $114.88 per barrel. West Texas Intermediate, the gauge that tracks US crude, was down 3.42 per cent at $106.02 a barrel.
‘The market is locked in a push-pull between the present deteriorating macro backdrop and the approaching possibility of a recession, juxtaposed against the greatest fundamental oil market set up in decades, if not ever,’ RBC Capital’s Mike Tran said in a note.
The supergroup of oil producers, Opec+, decided on Thursday to continue to its output target of adding 648,000 barrels per day of crude to the market in August. The expected August output boost will entirely recover the 5.8 million bpd oil output lost during the Covid-19 epidemic. The group will meet again on August 3 to analyse market trends, according to a statement issued on Thursday.
Meanwhile, global gasoline costs have been climbing. In the United Kingdom, a litre of petrol cost £1.91 this week, while a litre of diesel cost £1.99. Earlier this month, the United States announced a record $5 average for gasoline prices as the country grappled with its greatest levels of inflation and rising demand in history. Pump prices in California and Washington reached as high as $6.
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