UAE petrol prices to decrease by 5% in July
The price decreases reflect a dip in the international oil market
UAE petrol prices will decline just over 5 per cent in July following a dip in the international oil price in recent weeks.
The Ministry of Energy announced that Super 98 prices would be down 5.1 per cent from Dhs1.96 to Dhs1.86, Special 95 prices down 5.41 per cent from Dhs1.85 to Dhs1.75 and E Plus prices down 5.62 per cent from Dhs1.89 to Dhs1.68.
Diesel prices will decrease a smaller 3.16 per cent from Dhs1.90 to Dhs1.84.
The ministry first began setting fuel prices based on market rates in August 2015.
Brent crude has declined from just over $54 a barrel in the middle of May to a 10-month low of below $45 earlier this month amid concerns that demand was not rising enough to meet supply despite an extension to the OPEC/non-OPEC oil production cap.
Prices have since recovered slightly to above $46.
Bank of America (BoFA) Merrill Lynch said in a report this week that oil demand had failed to improve at the speed required to rebalance the market, leaving some exporters vulnerable.
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