The Ministry of Energy and Industry announces fuel prices for July and the price includes VAT.
The per-litre prices are Super 98 at Dh2.56 (from Dh2.63 in June and Dh2.49 in May) and Special 95 at Dh2.45 (from Dh2.51 in June and Dh2.37 in May).
Diesel price has been fixed at Dh2.66 per litre (from Dh2.71 in June and Dh2.56 in May).
— ENOC (@ENOC) June 28, 2018
International crude oil prices have been rising for the past couple of months. We compiled a list of countries with the highest and lowest fuel prices in the world.
After the first production curb deal signed by Organisation of the Petroleum Exporting Countries (Opec), the member nations met last week and agreed to hike oil output but without details on how much the hike would be by for each of the nations. What is certain is that oil-producing countries will now make sure that the production cut will not go below the earlier agreement of 1.2 million bpd (barrels per day).
Opec and allies including Russia will boost oil production starting next month, offering relief to consumers after Saudi Arabia secured a last-minute deal to overcome Iran’s veto threat. “We have an agreement for a 'nominal' production increase of 1 million barrels a day", Saudi Energy Minister Khalid Al Falih told reporters in Vienna after the Opec meet this month.