how much fuel prices for July in UAE
The Fuel Price Committee of the UAE is preparing to announce revised fuel prices for July in order to align them with global rates. In June, the Committee reduced prices, reaching the lowest level in four months.
how much fuel prices for July in UAE
The Fuel Price Committee of the UAE is preparing to announce revised fuel prices for July in order to align them with global rates. In June, the Committee reduced prices, reaching the lowest level in four months.
During June, Super 98 petrol was priced at Dh2.95 per litre, Special 95 at Dh2.84 per litre, and E-Plus 91 at Dh2.76 per litre. Since the deregulation of retail petrol rates in August 2015, the revised prices are typically announced on the last day of the month.
Global petrol prices remained subdued in June due to slower economic growth worldwide. Currently, Brent crude is trading at $74.0 per barrel, and US West Texas Intermediate (WTI) at $69.57 per barrel.
Naeem Aslam, the chief investment officer at Zaye Capital Markets, mentioned that crude oil is facing challenges, as the recent inventory data indicates concerns over weak demand and increased oil supply.
While the focus remains on China and its economic growth, which is showing limited signs of improvement, it doesn't imply that oil prices will undergo significant sell-offs.
However, it's highly likely that crude oil prices will no longer trade within the $80 range. The new price range is expected to be below $70. If there is strong US GDP data and a potential improvement in Chinese economic numbers, prices may reach $75. However, surpassing that price under the current circumstances is unlikely.
Despite deregulation, retail petrol prices in the UAE are still lower than the global average rates. According to globalpetrolprices.com, the average petrol price worldwide is Dh4.75 per litre, while in the UAE, it stands at Dh2.84.
UAE petrol prices to change for July 2023
Fuel prices were frozen by the Fuel Price Committee in 2020 due to the impact of the coronavirus pandemic. The controls were later lifted in March 2021 to align with the increasing global oil prices.
Furthermore, petrol prices are influenced by the rise in crude oil prices globally.
