The Ministry of Energy and Industry announced fuel prices for July. The prices include VAT.
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The per-litre prices are Super 98 at Dh2.30, down from Dh2.53 from last month and Special 95 at Dh2.18 from Dh2.42 in June. Diesel price has been fixed at Dh2.35, a decrease from Dh2.56 in June.
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Oil retreated from a five-week high in New York on Thursday after Trump threatened further tariffs on China.
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In the five sessions, oil jumped more than 10 per cent through Wednesday as tensions in the region intensified, causing concerns over supply.
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Trump’s latest tariff threat on China is reminding investors that an already fragile demand outlook could worsen if the world’s two biggest economies don’t return to negotiations. These are pulling the Organisation of Petroleum Exporting Countries (OPEC) and its allies in different directions as they prepare to meet in Vienna to decide on production levels.
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“The uncertainty ahead of this weekend’s G20 and next week’s OPEC meetings are likely to keep the upside capped for now,” said Ole Sloth Hansen, head of commodity strategy at Saxo Bank A/S in Copenhagen. “Failure at the weekend would see the market focus return to global growth and demand worries.”
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– With inputs from Bloomberg
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