UAE announces fuel prices for July 2024: Petrol prices decrease, diesel slightly up

The UAE fuel price committee has announced the latest petrol and diesel prices for July 2024, with the new rates effective from July 1.

This announcement continues the UAE’s policy of adjusting fuel prices monthly to align with global market trends, following the deregulation of oil prices in August 2015.

From July 1st, motorists in the UAE will notice a decrease in petrol prices. The changes in rates are as follows:

• Super 98 petrol will now cost Dh2.99 per litre, a decrease from Dh3.14 in June.
• Special 95 petrol is priced at Dh2.88 per litre, down from Dh3.02 previously.
• E-Plus 91 petrol will be available at Dh2.80 per litre, compared to the previous Dh2.95 per litre.

In contrast, diesel prices have seen a slight increase:

• Diesel will be charged at Dh2.89 per litre, up marginally from Dh2.88 in June.

This adjustment reflects the UAE’s ongoing efforts to align domestic fuel prices with international market movements, ensuring that local rates accurately reflect global trends.

Since the implementation of the deregulation policy in 2015, the UAE has consistently updated its fuel prices on the last day of each month.

This approach aims to provide a transparent pricing mechanism that responds to fluctuations in the international oil markets, offering a flexible and adaptive structure for both consumers and businesses.

How are fuel prices determined?

The prices are set by the UAE’s fuel price committee, which is chaired by the UAE’s Ministry of Energy. This committee includes representatives from the energy and finance ministries and the CEOs of Adnoc Distribution and Emirates National Oil Company.

When determining the prices, the committee considers an average of global fuel prices as well as the operational costs incurred by distribution companies, rather than relying on a single global market.

This approach ensures that local fuel prices are reflective of both international trends and domestic distribution costs.