UAE fuel prices

The new prices were approved under the UAE’s monthly fuel pricing mechanism, which tracks movements in global energy prices and reflects changes in the domestic market

The July adjustment follows a steep correction in international oil markets during June

The UAE has already seen a significant surge in fuel prices heading into April, driven by global crude market volatility and geopolitical tensions

Even though prices have fluctuated during the month, it is the monthly average, not daily swings, that determines UAE fuel rates

The global oil prices eased on Friday, heading for a third consecutive monthly decline, as a stronger US dollar and weak China data capped gains

Oil prices fell on Tuesday, as another anticipated production increase by OPEC+ and the resumption of oil exports from Iraq’s Kurdistan region

Brent crude futures for October delivery, which expired on Friday, settled at $68.12 a barrel, down 50 cents, or 0.73 per cent

Global gasoline stocks fell by 2.7 million barrels to 228.4 million barrels, far exceeding forecasts for a 600,000-barrel draw

Oil prices extended declines on April 30 and were set for their largest monthly drop in more than three years

The fuel prices in the UAE decreased in March, offering some relief to drivers after an uptick in February