DUBAI: A sigh of relief for UAE residents as the Fuel Price Committee has cut petrol and diesel prices for July 2024, here on Wednesday.
As per the details, for the month of July, the price of Super 98 petrol dropped to Dh2.99 per litre. The price of Special 95 petrol was reduced to Dh2.88 per litre from the current rate of Dh3.02. E-Plus 91 petrol price dropped to Dh2.80 per litre.
Meanwhile, the price of diesel has been marginally increased to Dh2.89 per litre from the old rate of Dh2.88.
The Middle Eastern nation liberalized fuel prices about eight years ago to align with market conditions. A recent rally in oil prices, with Brent reaching $86.41 and West Texas Intermediate reaching $81.54 per barrel, reflects hopes that potential US Federal Reserve interest rate cuts will stimulate economic growth and boost crude demand.
Despite the reduction in the International Energy Agency’s oil demand growth forecast for 2023, OPEC expects strong consumption in key markets such as China and India, supporting expectations of increased demand in 2024.
| Type of Fuel | July 2024 Rates (per litre) |
|---|---|
| Super 98 Petrol | Dh2.99 |
| Special 95 Petrol | Dh2.88 |
| E-Plus 91 Petrol | Dh2.80 |
| Diesel | Dh2.89 |
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