UAE petrol and diesel prices to rise in July

Motorists in the Emirates will pay more at the pump next month

Petrol prices for July 2023 have been announced. Christopher Pike / The National

The prices of petrol and diesel in the UAE will rise next month, it has been announced.

Prices fell in June after they increased in May to reflect the trend in the oil market.

The breakdown in price per litre for July is as follows:

• Super 98: Dh3.00 – from Dh2.95 in June (up 1.69 per cent)

• Special 95: Dh2.89 – from Dh2.84 in June (up 1.76 per cent)

• Diesel: Dh2.76 – from Dh2.68 in June (up 2.98 per cent)

• E-plus 91: Dh2.81 – from Dh2.76 in June (up 1.81 per cent)

The UAE liberalised petrol prices in 2015 to allow rates to move in line with the market.

In 2020, prices were frozen by the Fuel Price Committee after the onset of the coronavirus pandemic. The controls were removed in March 2021 to reflect the movement of the market once again.

Brent crude, the benchmark for two thirds of the world’s oil, is down by about 9 per cent since the start of the year.

On Friday, Brent was trading marginally up by 0.96 per cent at $75.05 a barrel at 12.32pm UAE time while West Texas Intermediate, the gauge that tracks US crude, was up 0.77 per cent at $70.40 a barrel.

Oil prices rose slightly on Thursday after posting gains of about 3 per cent the previous day following a large drop in US crude stocks.

Earlier this month, the Federal Reserve hit pause on raising interest rates for the first time since it started its monetary tightening cycle in March 2022, as it assesses the impact on the economy.

It signalled it would resume raising rates again this year if needed. Its next meeting will be on July 25 and July 26.