Global oil prices rose $10 a barrel in the past month
The UAE’s Fuel Price Committee will revise retail petrol and diesel rates for the month of August tomorrow, July 31, to bring the local prices in line with the global rates.
Global oil prices have been on the rise in the past few weeks after the oil-producing countries announced a cut in production by more than 1.6 million barrels a day through the end of the year.
In addition, the strong performance of the US economy in the second quarter and encouraging signs about the European economy have also given confidence to investors that the global economy will not slip into recession, hence, pushing the oil prices higher.
Crude prices rose in the past five straight weeks, surpassing $80 a barrel. The WTI ended the week at $80.58 and Brent at $84.99 a barrel, gaining around $10 in the past month.
Since the deregulation of retail petrol prices in August 2015, the UAE revises petrol and diesel prices on the last day of each month to be aligned with global rates.
For the month of July, the UAE Fuel Price Committee raised prices by five fils per litre. The Super 98, Special 95 and E-Plus 91 were selling for Dh3, Dh2.89 and Dh2.81 per litre, respectively.
UAE retail fuel prices (Dirhams per litre)
Month | Super 98 | Special 95 | E-plus |
January 2022 | 2.65 | 2.53 | 2.46 |
February | 2.94 | 2.82 | 2.75 |
March | 3.23 | 3.12 | 3.05 |
April | 3.74 | 3.62 | 3.55 |
May | 3.66 | 3.55 | 3.48 |
June | 4.15 | 4.03 | 3.96 |
July | 4.63 | 4.52 | 4.44 |
August | 4.03 | 3.92 | 3.84 |
September | 3.41 | 3.3 | 3.22 |
October | 3.03 | 2.92 | 2.85 |
November | 3.32 | 3.20 | 3.13 |
December | 3.30 | 3.18 | 3.11 |
January 2023 | 2.78 | 2.67 | 2.59 |
February | 3.05 | 2.93 | 2.86 |
March | 3.09 | 2.97 | 2.90 |
April | 3.01 | 2.90 | 2.82 |
May | 3.16 | 3.05 | 2.97 |
June | 2.95 | 2.84 | 2.76 |
July | 3.00 | 2.89 | 2.81 |
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Waheed Abbas is Assistant Editor, covering real estate, aviation and other business stories that directly affect the lives of UAE consumers. He frequently reports human interest stories, too.