UAE petrol prices rise in July, affecting motorists across the country. This follows the monthly update from the UAE fuel price committee. Drivers now face higher costs at the pump compared to June. The increase adds pressure on household budgets, especially during the summer travel season when fuel consumption typically rises.
For July, Super 98 petrol costs Dh2.70 per litre, increasing from Dh2.58 in June. Special 95 now stands at Dh2.58, up from Dh2.47 the previous month. Meanwhile, E-Plus 91 petrol rises to Dh2.51 from Dh2.39. Diesel prices also climbed, reaching Dh2.63 compared to June’s Dh2.45. Many residents say these changes impact their daily expenses and travel decisions.
Although UAE petrol prices rise this month, some experts expect a possible drop in August. This optimism comes after a sharp global oil price decline in late June. Brent crude fell to nearly $67 per barrel. Similarly, West Texas Intermediate hovered around $65. The drop marked the largest weekly loss in over two years.
The recent ceasefire between Iran and Israel contributed to the price decline. Tensions in the Middle East had earlier pushed oil prices higher. Now, with the truce in place, fears of supply disruptions have eased. As a result, oil markets stabilized quickly.
The prices of the UAE petrol rose partly due to earlier market conditions in June. That month saw a three-week rally in oil prices. This surge influenced the current July rates, despite the more recent downturn.
Additionally, hedge funds placed heavy bets on further price declines. Many increased short positions, expecting oil to fall more. OPEC+ is also considering a supply increase of 411,000 barrels per day in August. If demand stays weak, this could lead to even lower prices.
Petrol costs increase across the UAE this July, but falling oil markets hint at future relief. Motorists now watch closely, hoping for lower rates in the coming month.
