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Fuel to become cheaper in July

Motorists will be paying less at the petrol stations in July as the UAE’s fuel price committee has reduced the prices.
Petrol will become cheaper by more than two per cent next month, according to an announcement on Thursday.

The new per-litre fuel prices for July are: Super 98 Dh2.56 (Dh2.63 in June), Special 95 Dh2.45 (Dh2.51 in June), E Plus 91 Dh2.37 (Dh2.44 in June) and diesel Dh2.66 (Dh2.71 in June).
The prices are calculated based on international crude oil prices and the fuel price committee consisting of members from the Ministry of Energy and distribution companies determines the prices every month.

Brent, the international benchmark, is currently trading above $77 per barrel whereas US crude West Texas Intermediate is above $72 per barrel impacted by supply disruptions in Libya, Canada and geopolitical tensions in the Middle East, especially the policy of US President Donald Trump to reimpose sanctions on Iran, one of the biggest oil producers in the world.
Oil prices have gone up in the last few days despite Opec’s (Organisation of the Petroleum Exporting Countries) decision to increase production by about one million barrels per day from July to stabilise oil prices due to concerns raised by world’s top oil consumers like the US, China and India.
Dh10 for premium service
In Abu Dhabi, Adnoc Distribution has brought in changes at petrol stations starting from June 30.
Motorists will have to pay Dh10 extra if they want to take the help of a petrol station attendant to fill the tanks.
Drivers who prefer self-service as well as elderly persons will not be required to pay any fee.
The Ministry of Energy liberalised fuel prices in July 2015 to encourage motorists to use public transport system and reduce emissions.
Fuel prices across the UAE were deregulated starting August 1, 2015, adopting a new policy linked to global prices.
The ministries of energy and finance act as the government’s representatives in a committee set up to review fuel prices in the UAE every month. They focus on consumer protection and ensure that petrol prices are balanced according to international standards.
On the 28th of each month, the committee announces the prices for the following month.
In line with this decision, prices of petrol and diesel are based on the average global prices with the addition of operating costs.
The Ministry of Energy has assigned a dedicated number (0565467942) and an email ID (fuelprice@moenr.gov.ae) for public inquiries on the new deregulated fuel prices.

Source: Gulf News

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