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UAE Set to Adjust Fuel Prices for July Amid Global Oil Market Fluctuations

In June, the price of Super 98, Special 95, and E-Plus 91 petrol in the UAE settled at Dh3.14, Dh3.02, and Dh2.95 per liter, respectively, reflecting a decrease attributed to a nearly $5 decline in the average Brent crude price throughout May

The United Arab Emirates (UAE) is preparing to recalibrate its retail fuel prices for the upcoming month of July, aligning them with the volatile trends in the global oil market.

Following a decrease of 20 fils per liter in June, driven by a notable drop in Brent crude oil prices, adjustments for July are eagerly anticipated in response to recent market developments.

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In June, the price of Super 98, Special 95, and E-Plus 91 petrol in the UAE settled at Dh3.14, Dh3.02, and Dh2.95 per liter, respectively, reflecting a decrease attributed to a nearly $5 decline in the average Brent crude price throughout May.

However, global oil prices experienced a contrasting trajectory in June, beginning around $78 per barrel and concluding near $86 per barrel by the end of the month.

Despite this rise, the average Brent crude price for June stood marginally lower at $82.59, compared to May’s $83.35 average.

Since the deregulation of retail fuel prices in August 2015, the UAE has adopted a policy of monthly adjustments, responding to the performance of oil prices in the preceding month.

This methodology ensures that local fuel prices remain attuned to international market dynamics, safeguarding against abrupt fluctuations.

Vijay Valecha, Chief Investment Officer at Century Financial, emphasized that market observers are closely monitoring factors such as summer fuel demand and geopolitical tensions, particularly the situation along the Israel-Lebanon border.

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Additionally, analysts are anticipating potential impacts from the US Federal Reserve’s recent decision to adjust interest rates, which could stimulate consumer demand and subsequently influence oil prices.

Comparatively, despite fluctuations, petrol prices in the UAE have remained competitively priced at Dh1.84 per liter below the global average for June.

This differential underscores the UAE’s strategic approach to balancing domestic consumer affordability with international market realities.

Looking forward, the upcoming adjustment in July’s retail fuel prices will reflect the broader economic outlook shaped by ongoing global market dynamics.

As stakeholders await the official announcement, anticipation mounts over how the UAE will navigate the complexities of the evolving oil market landscape in the months ahead.

 

This article was created using automation technology and was thoroughly edited and fact-checked by one of our editorial staff members

Tariq Saeed

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