In a notable shift, fuel prices in the United Arab Emirates (UAE) have decreased for the first time in five months as of July. This reduction is attributed to a decline in global crude oil prices, which have eased due to better supply conditions worldwide.
The new fuel prices are as follows: Super 98 is now priced at Dh3.40 per litre, down from the previous Dh3.95. Special 95 has been adjusted to Dh3.29 per litre from Dh3.83, while E-Plus 91 now costs Dh3.21 per litre, reduced from Dh3.76. Diesel has also seen a significant drop to Dh3.60 per litre, down from Dh4.33.
The easing of international crude oil benchmarks has been a driving factor behind this price decline. This change comes as concerns over potential disruptions in Middle East supply have diminished. Contributing to this stabilization are diplomatic efforts involving the United States and Iran, alongside improvements in shipping activities through the Strait of Hormuz, which have collectively helped to steady global energy markets.
Since 2015, the UAE has aligned its domestic fuel prices with global oil market trends. Analysts point to increased global oil supplies and higher export volumes from major producers as additional reasons for the recent price drop. The recovery of regional shipping routes has also played a role in facilitating this adjustment in fuel costs.