The UAE has announced a reduction in petrol prices for July 2024, marking the second consecutive month of price decreases across the country.
UAE Petrol Prices for July 2024
This follows a decline in June, offering relief to motorists who experienced rising costs for the first half of the year after four consecutive months of increases.
Diesel prices will see a minimal change, with an increase of just AED0.01 per liter. This stability contrasts with the fluctuating costs observed earlier in the year, with motorists welcoming the recent price cuts in June.
Price Comparison
In early 2024, the price of the E-Plus 91 was 2.64 AED per liter, while the price of diesel was 3 AED per liter. The price of the E-Plus 91 has remained higher at AED2.95 per liter since the beginning of the year, even with the recent decreases. Prices for Special 95 and Super 98 have also gone up; at the beginning of 2024, they were AED2.71 and AED2.82 per liter, respectively; now, they're AED2.80 and AED2.99.
New Prices Effective July 1, 2024
Starting July 1, the updated petrol prices in the UAE are as follows:
- Super 98: AED2.99 per liter, down from AED3.14 in June.
- Special 95: AED2.88 per liter, reduced from AED3.02 in June
- Diesel: AED2.89 per liter, slightly up from AED2.88 in June.
- E-Plus: AED2.80 per liter, down from AED2.95 in June.
Policy and market influences
During the COVID-19 pandemic in 2020, the Fuel Price Committee froze petrol prices in the UAE to stabilize the market amidst global uncertainties. However, with the recovery of global oil prices from March 2021 onwards, market forces have been allowed to determine petrol prices, leading to fluctuations influenced by changes in crude oil prices worldwide.
The adjustment in petrol prices for July 2024 reflects ongoing efforts to balance consumer affordability with market dynamics in the UAE. As global economic conditions and oil market trends evolve, the UAE continues to adapt its pricing mechanisms to ensure stability while responding to the needs of motorists and economic stakeholders alike.