UAE fuel prices to increase again in July

Fuel prices in the UAE will increase for the fourth consecutive month in July under a new price list announced by the country’s Ministry of Energy.

Read: UAE hikes June fuel prices

According to the ministry, Super 98 will increase from Dhs 1.86 in June to Dhs 1.88 in July, Special 95 from Dhs 1.75 to Dhs 1.77, E Plus-91 from Dhs 1.68 to Dhs 1.70 and diesel from Dhs 1.77 to Dhs 1.85.

Following the introduction of a new fuel pricing system linked to global rates in July 2015, the UAE at first mainly reduced fuel costs in line with falling oil prices.

There were seven consecutive months of petrol price declines before April 2016 when Brent crude started a gradual recovery, eventually breaking $50 a barrel.

Read more: Oil hits $50 for the first time in 2016

However, concerns surrounding the United Kingdom’s decision to exit the European Union and the impact it could have on regional growth have pushed oil prices back down to around $48 a barrel in recent days.

Read: Brexit has had a ‘limited impact’ on oil prices so far