The price of petrol in the UAE has come down, but diesel will cost a little more. Pawan Singh / The National
The price of petrol in the UAE has come down, but diesel will cost a little more. Pawan Singh / The National
The price of petrol in the UAE has come down, but diesel will cost a little more. Pawan Singh / The National
The price of petrol in the UAE has come down, but diesel will cost a little more. Pawan Singh / The National

Business

Energy

UAE petrol prices to fall further in July

Motorists in the Emirates will pay less at the pump

John Benny

June 30, 2024

  • English
  • Arabic

Fuel prices in the Emirates will decrease for the second month in July, reflecting trends in the global oil market.

The prices for petrol have been cut, while diesel has gone up slightly, Wam reported on Sunday, quoting the UAE fuel price committee.

How much will fuel cost in July?

The breakdown of fuel prices for a litre for July is as follows:

• Super 98: Dh2.99, from Dh3.14 in June (down by 4.8 per cent)

• Special 95: Dh2.88, from Dh3.02 in June (down by 4.6 per cent)

• Diesel: Dh2.89, from Dh2.88 in June (up by 0.3 per cent)

• E-plus 91: Dh2.80, from Dh2.95 in June (down by 5.1 per cent)

The UAE liberalised fuel prices in 2015 to allow them to move in line with the market.

Oil prices recorded a third weekly gain in a row on Friday amid hopes that the US Federal Reserve will begin long-awaited interest rate cuts, which could stimulate the world's biggest economy and boost demand for crude.

Brent, the benchmark for two thirds of the world’s oil, settled 0.02 per cent higher at $86.41 a barrel. West Texas Intermediate, the gauge that tracks US crude, shed 0.24 per cent to close at $81.54.

Both benchmarks are on track to post a monthly gain of more than 6 per cent to pull back from May's losses. In the year to date, Brent has jumped 12.8 per cent, while WTI has surged nearly 15 per cent.

“Brent oil remains in a tight $84 to $86 a barrel range but looks primed to challenge $90 in the third quarter as the market mood music gravitationally turns constructive, underscored by fundamentals mired in deficit,” said Ehsan Khoman, head of commodities, ESG and emerging markets research at MUFG.

Brent is supported by “robust” summer travel demand in the US, jet fuel consumption reaching a post-pandemic high, and continuing geopolitical supply-side tensions, Mr Khoman said in a research note on Thursday.

In May, the International Energy Agency lowered its oil demand growth forecast for this year by 140,000 barrels per day to 1.1 million bpd, citing weak demand in developed countries.

However, Opec has projected a 2.2 million bpd increase in oil demand for 2024, citing robust consumption in China and India.

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How will Gen Alpha invest?

Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.

“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.

Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.

He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.

Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”

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  • Technology expert in robotics and automation: Dh20,000 to Dh40,000 
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  • Senior reservoir engineer: Dh40,000 to Dh55,000 
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"The T20 World Cup in 2020 is something I'm really looking forward to. I think right now that will probably be the last tournament for me," he said in Brisbane ahead of a one-off T20 against Australia on Saturday. 

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Red flags
  • Promises of high, fixed or 'guaranteed' returns.
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Estijaba – 8001717 –  number to call to request coronavirus testing

Ministry of Health and Prevention – 80011111

Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre

Emirates airline – 600555555

Etihad Airways – 600555666

Ambulance – 998

Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries

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Size: 150 employees

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Founder: Badr Ward

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