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Tuesday, February 27, 2024

UAE to announce fuel prices for July; Will petrol, diesel prices drop further?


The UAE Fuel Price Council will announce revised prices for July to bring rates in line with global rates. The committee lowered prices for June, bringing prices to their lowest level in the fourth month.

In June, Super 98 petrol was priced at AED 2.95 per liter, Special 95 at AED 2.84 per liter and E-Plus 91 at AED 2.76 per liter. Since the UAE deregulated retail gasoline rates in August 2015, revised prices are usually published on the last day of the month.

Global gasoline prices remained subdued in June amid slowing global economic growth. On Thursday, Brent crude was at $74.0 a barrel and U.S. West Texas Intermediate (WTI) was at $69.57 a barrel.

Naeem Aslam, chief investment officer at Zaye Capital Markets, said black gold was also out of luck, as yesterday’s crude stockpiles data confirmed traders feared weaker demand, leading to higher oil supplies.

“The focus is still on China and its economic growth, but in terms of economic data, China is not showing signs of strong growth. But this does not mean that oil prices will experience any sharp sell-off.

“However, the days of crude oil prices returning to the $80 price range are likely over. We believe that the new range for gold prices is now more likely to be below the $70 price mark. Against the backdrop of strong US GDP data and possible improvement in Chinese economic data Under the current circumstances, we may see the price rise to the $75 mark, but it is unlikely to go above this price mark in the current situation.”

Despite deregulation, retail petrol prices in the UAE remain below the global average.

According to globalpetrolpriecs.com, the average price of gasoline globally is Dh4.75 per liter, compared with Dh2.84 per liter in the UAE.

Copyright © 2022 Khaleej Times. all rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).


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