UAE announces revised petrol prices for July... Click to find out
Mirroring the continuing stabilisation in global prices of crude oil, the UAE has announced a marginal increase in the retail price of petrol for the month of July 2016, following a 5 per cent hike announced in June.
‘Special’ grade petrol (95 octane) will now retail at Dh1.77 per litre from July 1, up 1.14 per cent from the Dh1.75 per litre that UAE residents currently pay for it.
On the other hand, Super (98 octane) grade of petrol will retail at Dh1.88 per litre from this Friday, up 1.07 per cent from the current Dh1.86 per litre.
The price of E Plus gasoline (91 octane), the least expensive petrol in the country, has been set at Dh1.70 per litre, up 1.19 per cent from the current Dh1.68 per litre.
Diesel, which currently retails for Dh1.77 per litre, will retail at Dh1.85 from July 1, up 4.5 per cent.
The current increase marks the fourth consecutive month of fuel price hike since hitting a multi-year low in March 2016.
| UAE's Fuel Price Evolution Since Deregulation |
||||
|
|
Super 98 |
Special 95 |
E Plus 91 |
Diesel |
| July |
1.88 | 1.77 | 1.70 | 1.85 |
| June |
1.86 | 1.75 | 1.68 | 1.77 |
| May |
1.78 |
1.67 |
1.60 |
1.60 |
| April |
1.62 |
1.51 |
1.44 |
1.56 |
| March |
1.47 |
1.36 |
1.29 |
1.40 |
| February |
1.58 |
1.47 |
1.40 |
1.37 |
| January |
1.69 |
1.58 |
1.51 |
1.61 |
| December ’15 |
1.79 |
1.68 |
1.61 |
1.83 |
| November ’15 |
1.81 |
1.70 |
1.63 |
1.87 |
| October ’15 |
1.90 |
1.79 |
1.72 |
1.89 |
| September ’15 |
2.07 |
1.96 |
1.89 |
1.86 |
| August ’15 |
2.25 |
2.14 |
2.07 |
2.05 |
| Pre-Deregulation |
||||
| July ’15 |
1.83 |
1.72 |
1.61 |
2.90 |
Source: Ministry of Energy; Prices in AED
Global crude oil prices have remains relatively stable in the past 30 days, with oil prices now hovering close to the $49/barrel mark.
In January this year, oil prices had slumped to 13-yeal-lows, reaching close to the $26/barrel mark.
In July 2015, the UAE’s Ministry of Energy announced the end of the era of subsidised petrol and diesel prices, signalling the dawn of the age of fuel price deregulation, starting August 1, 2015.
Several other Gulf countries have since followed the UAE’s example and announced liberalisation plans for retail petrol prices in their respective markets.
In line with the liberalisation of fuel prices (diesel and petrol), the UAE Ministry now determines and announces the prices for the forthcoming month on the 28th of every month, with the said prices becoming effective from the first midnight of the next month.