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.
Mohammed bin Zayed Majlis
Six large-scale objects on show
- Concrete wall and windows from the now demolished Robin Hood Gardens housing estate in Poplar
- The 17th Century Agra Colonnade, from the bathhouse of the fort of Agra in India
- A stagecloth for The Ballet Russes that is 10m high – the largest Picasso in the world
- Frank Lloyd Wright’s 1930s Kaufmann Office
- A full-scale Frankfurt Kitchen designed by Margarete Schütte-Lihotzky, which transformed kitchen design in the 20th century
- Torrijos Palace dome
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The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Part three: an affection for classic cars lives on
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Most sought after workplace benefits in the UAE
- Flexible work arrangements
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Which honey takes your fancy?
Al Ghaf Honey
The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year
Sidr Honey
The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest
Samar Honey
The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments
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2 New Zealand 70 per cent
3 Australia 69.2 per cent
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7 South Africa 30 per cent
8 Sri Lanka 16.7 per cent
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All times UAE:
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