UAE petrol prices dip for July motorists breathing sigh of relief as July pump costs slide. Special 95: Dh3.29 litre compared with Dh3.83 last month Super 95: Dh3.40 litre compared with Dh3.95 last month. Diesel: Dh3.60 litre compared with Dh4.33 last month.
Motorists filling up their cars are breathing a collective sigh of relief this month.
After four consecutive months of increases in pump prices which put added pressure on budgets across the country, the price of gasoline dropped this week for the first time since January. July prices for the country’s Special 95 petrol came down by 54fils a litre to Dh3.29 per litre compared with Dh3.83 a litre in June. Motorists using the more premium grade of gasoline, Super 95, paid Dh3.40 a litre this month, 55fils down on Dh3.95 last month. Similarly, the price of diesel dropped 73fils to Dh3.60 a litre from Dh4.33 per litre last month.
The price increases of more than 60% since fighting broke out in February this year has been attributed to supply concerns driven by disruption in conflict zones, and closures around the Strait of Hormuz.
The decline in international oil prices through the first half of June was a hint of a reversal according to some analysts and the new pump prices appear to reflect this. It should be noted that the UAE removed itself from Opec and Opec+ earlier this year and now intends to significantly increase its oil output, though not all Opec members are happy about this. It remains to be seen how long prices will remain low as tension regarding Iran has already spiked again with the start of this month, but UAE residents using fuel can at least smile at the pump for now.
