UAE cuts fuel prices for July

Prices had been hiked in May and June



The UAE’s Ministry of Energy and Industry has announced that fuel prices will be cut for July.

Prices per-litre for petrol have been set at Dhs2.56 for Super 98 (down from Dhs2.63 in June) and at Dhs2.45 for Special 95 (from Dhs2.51 in June).

Diesel prices have been fixed at Dhs2.66 per litre, compared to Dhs2.71 in June.

All prices are inclusive of VAT.

The country’s fuel prices have been based on international oil rates since August 2015.

International crude oil prices have been rising for the past couple of months and accordingly, the UAE has also increased prices for the last two months.

Read: UAE fuel prices up 5.5% in June

During a meeting in Vienna on Friday, the Organization of the Petroleum Exporting Countries (OPEC) and other top oil producers also agreed to raise output from July, but the agreement did not reveal a clear target for the output increase.

Also read: Iran says OPEC agreement did not specify oil production increase