E-commerce companies providing groceries, food, and home appliances are live on Open Network for Digital Commerce network
business23 hours ago
The UAE will revise retail fuel prices for the month of July soon to bring them in line with global rates.
Petrol prices fell 20 fils per litre in June, pricing Super 98, Special 95 and E-Plus 91 at Dh3.14, Dh3.02 and Dh2.95 per litre, respectively. This was due to a nearly $5 drop in average oil price in Brent during May.
Globally, oil prices rose in June, increasing from a low of $78 a barrel at the start of the month to $86 a barrel on June 28.
Stay up to date with the latest news. Follow KT on WhatsApp Channels.
Despite prices increasing in June, Brent’s average price was lower than last month. Brent averaged $82.59 this month as compared to $83.35 in May. Since the UAE deregulated retail fuel prices in August 2015, local petrol prices are adjusted for the upcoming month based on the oil price’s performance of the outgoing month. This will be reflected when oil prices are revised for July.
Petrol prices in UAE are cheaper by Dh1.84 per lire when compared to the global average for the month of June.
Vijay Valecha, chief investment officer, Century Financial, said traders have been watching for summer fuel demand and tensions on the Israel-Lebanon border.
Analysts said the easing interest rates by the US Federal Reserve could be a boon for oil because it could increase demand from consumers.
Month | Super 98 | Special 95 | E-Plus 91 |
January | 2.82 | 2.71 | 2.64 |
February | 2.88 | 2.76 | 2.69 |
March | 3.03 | 2.92 | 2.85 |
April | 3.15 | 3.03 | 2.96 |
May | 3.34 | 3.22 | 3.15 |
June | 3.14 | 3.02 | 2.95 |
ALSO READ:
E-commerce companies providing groceries, food, and home appliances are live on Open Network for Digital Commerce network
business23 hours ago
The recent debate between Biden and Trump increased political uncertainty and could support demand for gold
business1 day ago
ECB has demanded roadmap for lenders' Russia exit
business1 day ago
First furnace to be shut down under overhaul plan
business1 day ago
The initiative aims to take a significant step in government procedures
business1 day ago
Philips announces innovative deals this summer holidays on home products
business1 day ago
Developers are offering attractive payment plans for off-plan projects including up to eight years after the handover
business1 day ago
It aims to establish an attractive hub for investments, partnerships, and skilled professionals in Comtech
business1 day ago