UAE fuel prices announced for July

Inayat-ur-Rahman, Business Editor

The UAE has announced a slight increase in fuel prices during the month of July, according to the new petrol and diesel prices announced on Tuesday by the UAE fuel price committee.

Super 98 petrol will now cost Dhs2.47 per litre, up from Dhs2.38 in June, while Special 95 will cost Dhs2.35 a litre, up from Dhs2.27 per litre in the previous month.

The cost of E-Plus 91 has been revised to Dhs2.28 a litre, up from Dhs2.19, while diesel will cost Dh2.42 a litre, an increase from Dh2.30 in the previous month.

Oil prices reversed earlier losses to stand slightly higher on Tuesday as broad hopes for a demand recovery persisted despite new outbreaks of the highly contagious Delta variant of the coronavirus prompting fresh mobility curbs worldwide.

Brent crude futures were 26 cents, or 0.4%, higher at $74.94 a barrel by 1220 GMT, after slumping 2% on Monday.

US West Texas Intermediate (WTI) crude futures rose 24 cents, or 0.3%, to $73.15 a barrel, following a 1.5% loss on Monday.

“From a global perspective, there are seemingly growing concerns over the increase in the COVID-19 Delta variant,” StoneX analyst Kevin Solomon said.

“The market has grown relatively immune to COVID-19 developments, but if lockdowns occur in larger demand centres in Asia, we may see the market’s nonchalance abate.”