UAE motorists face fourth consecutive monthly petrol price rise in July
Prices of petrol and diesel have increased for the fourth month in a row, but only marginally this time.
The Ministry of Energy announced on its website that all grades of petrol have been increased by 2 fils a litre for July, with diesel getting dearer by 8 fils.
From July, Super 98 will retail at Dh1.88 a litre compared with Dh1.86 in June, an increase of more than 1 per cent.
Prices of Special 95 have gone up by 1.14 per cent to Dh1.77 from 1.75 a litre and EPlus 91 will cost motorists Dh1.70 compared with Dh1.68 in June, a rise of 1.19 per cent.
Transport companies will see their fuel bills increase by 4.5 per cent next month as the price of diesel has gone up to Dh1.85 from Dh1.77 a litre.
Brent crude futures, the international benchmark, rose to above $50 a barrel this month on the back of a report from the International Energy Agency that demand will increase by 100,000 barrels per day to 1.3 million bpd this year as the supply glut eases.
However, oil prices fell sharply after the British voters opted to leave the European Union, with Brent ending the week at $48.41.
Petrol and diesel are by-products of crude oil, which is why the movements (or in this case, stability) in Brent crude affect prices at the pump. However, the UAE has not released which benchmark or method it bases petrol price fluctuations.
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Published: June 28, 2016 04:00 AM