UAE petrol price for July 2021 announced

UAE fuel price committee on Tuesday announced an increase prices for July 2021.

Super 98 petrol will now cost Dh2.47 per litre, up from Dh2.38 in June, while Special 95 will cost Dh2.35 a litre, up from Dh2.27 per litre in the previous month.

The cost of E-Plus 91 has been revised to Dh2.28 a litre, up from Dh2.19, while diesel will cost Dh2.42 a litre, an increase from Dh2.30 in the previous month.

Until February 2021, fuel prices had been staying unchanged in the UAE for 11 consecutive months despite an increase in crude oil prices, which traded above $50 a barrel in January due to increase in economic activity in the world’s largest economy, the United States and some parts of Europe.

Global oil demand will rebound strongly in the second half of 2021 with oil inventories shrinking, Opec’s chief and experts said on Tuesday while warning that coronavirus variants pose a risk to the recovery.

The Organisation of the Petroleum Exporting Countries and allies led by Russia, together known as OPEC+, meet on Thursday and sources and market watchers have said they expect the group to discuss a further gradual easing of existing oil production curbs from August.

Opec watchers have said the group could boost output by more than one million barrels per day, a more modest 0.5 million bpd or even leave production levels unchanged.