UAE Slashes July Petrol Prices as Super 98 Drops Below AED 3 Mark

The UAE Fuel Price Committee has announced a significant reduction in retail petrol prices for July 2024, with Super 98 dropping below the AED 3 per litre mark. The new rates, effective from July 1, represent a decrease of approximately 4.7% for petrol users compared to June pricing. Breakdown of July 2024 Fuel Rates According to the official announcement, Super 98 petrol will retail at AED 2.99 per litre, down from AED 3.14 in June. Special 95 has been priced at AED 2.88 per litre, a reduction from the previous month’s AED 3.02. E-Plus 91 will cost AED 2.80 per litre, down from AED 2.95. While petrol prices saw a sharp decline, diesel prices recorded a marginal increase. Diesel will retail at AED 2.89 per litre in July, up one fils from the AED 2.88 charged throughout June. These figures include the 5% Value Added Tax (VAT) applicable across the country. Impact of Global Market Volatility The July price adjustment follows a period of fluctuation in global crude oil benchmarks. Brent crude, which influences the UAE’s domestic pricing strategy, traded between $80 and $85 per barrel for much of June. This marks the second consecutive month of petrol price cuts in the UAE, following…