UAE petrol prices will fall in July, the first drop in five months, as global crude oil benchmarks dip to pre-Iran war levels, easing supply concerns.
Prices at the pumps fell in January and February but have been rising since March as the conflict disrupted oil markets, especially as the Strait of Hormuz – normally the route for about a fifth of the world’s energy exports – was effectively shut.
How much will fuel cost in July?
Super 98: Dh3.40, down nearly 14 per cent from Dh3.95 in June
Special 95: Dh3.29, down 14.1 per cent from from Dh3.83
E-Plus 91: Dh3.21, down 14.6 per cent from Dh3.76
Diesel: Dh3.60, down nearly 17 per cent from Dh4.33
Negotiations between the US and Iran, as well as between Israel and Lebanon, have progressed, which allowed more vessels to pass through the strait last week, despite American and Iranian strikes that tested the fragile truce.
At their peak during the conflict that began on February 28, Brent and West Texas Intermediate shot up by about 70 per cent.
Brent, the benchmark for two thirds of the world’s oil, settled at $71.99 on Friday. It closed at $72.87 a barrel on February 27. WTI, the gauge that tracks US crude, ended the week at $69.23 per barrel. It closed at $67.02 on February 27.