UAE petrol prices announced for July 2020

Drivers will pay the same amount for the third month running

The petrol prices for August have been announced for the UAE. Reem Mohammed / The National

The cost of filling up at the petrol pumps will stay the same in July across the UAE.

This comes after prices were also held at the same level in May and June.

Here is the breakdown of prices per litre:

• Super 98: Dh1.91

• Special 95: Dh1.80

• Diesel: Dh2.06

Petrol prices in the UAE were liberalised in August 2015 to allow them to move in line with the market.

Roads across the country have started to return to something closer to normal after measures put in place to curb the spread of the coronavirus were eased.

However, a restriction on movement between Abu Dhabi and Dubai, first implemented on June 2, remains in place. It was updated on Monday so that residents can enter Abu Dhabi – if they provide proof that they are free of Covid-19.

Travel is allowed between the regions of Abu Dhabi emirate, but a permit is required to enter Dubai.

The transport of goods between the two emirates continued as normal.

Global oil prices have rallied in recent weeks after plunging in April on the back of lower consumption as residents around the world stayed at home and aircraft were grounded. In the US, the price of WTI turned negative for the first time in history.

But as lockdowns were eased and economies reopened, prices have returned to about $40 a barrel and are expected to average $43.70 per barrel this year, according to the Bank of America.

West Texas Intermediate has risen about 11 per cent this month, while Brent is up 17 per cent.

“Supply cuts have done their part and have been fully priced in,” Vandana Hari, founder of Vanda Insights in Singapore, told Bloomberg. “Brent appears to have found a floor at $40, but the upside is likely to be limited” and the market is keeping a nervous watch on the pandemic’s resurgence in the US, she said.

The group chief executive of Abu Dhabi National Oil Company, Dr Sultan Al Jaber, who is also a UAE Minister of State, said last week that global oil markets are in a "healthier place" compared to two months ago.

Opec+, headed by Saudi Arabia and Russia, agreed earlier this month to extend their historic 9.7 million barrels per day production cut until the end of July.