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.
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