Petrol prices in the UAE will increase in July as global oil prices remain above $100 a barrel.
Motorists across the Emirates have been paying significantly more in recent months, with a 10 per cent rise in March, a 16 per cent rise in April and a 13 per cent rise in June.
The breakdown price per litre for July 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 prices announced by the UAE Fuel Price Committee in June were the highest so far since they were liberalised in 2015 to allow them to move in line with the market.
In 2020, prices were frozen by the Fuel Price Committee at the beginning of the coronavirus pandemic. The controls were removed in March 2021 to reflect the movement of the market.
Brent, the global benchmark for two thirds of the world's oil, has rallied about 45 per cent so far this year as developed economies recover from the pandemic and Russia's military offensive in Ukraine continues, with the EU planning to ban most oil imports from Moscow by the end of this year.
Brent was trading 1.19 per cent lower at $114.88 a barrel at 10.20pm UAE time. West Texas Intermediate, the gauge that tracks US crude, was down 3.42 per cent at $106.02 a barrel.
"The market is stuck in the push-pull between the current deteriorating macro backdrop and the looming threat of a recession, pitted against the strongest fundamental oil market set up in decades, maybe ever," RBC Capital's Mike Tran said in a note.
Opec+, the super group of oil producers, agreed on Thursday to stick to its output plan of adding 648,000 barrels per day of crude to the market in August.
The planned August output increase will fully restore the 5.8 million bpd of output that was cut during the Covid-19 pandemic.
The group will meet again on August 3 to discuss market dynamics, it said in a statement on Thursday.
Meanwhile, petrol prices have been rising around the world.
In the UK, a litre of petrol this week hit a high of £1.91, while diesel prices reached a record of £1.99 a litre.
Earlier this month, the US reported a record $5 average for petrol prices as the country grapples with its highest ever levels of inflation and increased demand. Prices at the pump were as high as $6 in California and Washington
Best fuel-efficient cars — in pictures
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SUZUKI DZIRE: It may not be the prettiest vehicle but the Dzire is one of the cheapest to fill up at the pumps. You should get 24 kilometres per litre (km/l), with a new model costing only Dh36,900 ($10,045). Getty Images -
SUZUKI SWIFT: A bit snazzier than the Dzire, the Swift comes with a punchy 1.4 litre turbocharged engine but can still get 23.75km/l, says Drive Ninja, a UAE comparison site. A new model starts at slightly less than Dh49,000 ($13,340). Prashanth Vishwanathan / Bloomberg -
SUZUKI BALENO: The slightly larger Baleno comes with 1.2 or 1.4-litre engines and should get you 22.35km/l. You should expect to pay in the region of Dh45,900 ($10,905). AFP -
TOYOTA YARIS: The Yaris did not become one of the world's most popular cars for nothing. With a fuel efficiency of 22km/l, a new one should set you back about Dh60,000 ($16,335). Another Dh10,000 would get you a Corolla saloon, the world's number one selling car. Reuters -
TOYOTA RAIZE: The only compact SUV on our list gets our vote for forecourt price and fuel efficiency. It should get you 19km/l and prices start at around Dh57,000 ($15,518). Its small 1-litre engine model is turbocharged, giving you about 100 horsepower. Akio Kon / Bloomberg
