Fuel prices stable for fourth month in a row

DUBAI: Fuel prices tend to maintain their stability for the fourth month in a row, according to the Fuel Price Follow-up Committee.

The price of Super 98 will be Dhs1.91 per litre, while the prices of Special 95 will be Dhs1.8 per litre,

E-plus 91 at Dhs1.72 per litre and Diesel at Dhs2.06 per litre as of the beginning of July 2020.

Meanwhile, the price of the Opec basket of thirteen crudes stood at $37.33 a barrel on Monday, 29th June, 2020, compared with $37.99 the previous Friday, according to Opec Secretariat calculations.

The Opec Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

An earlier report said inventories of oil products at the UAE’S East Coast port of Fujairah have climbed for the first time in three weeks, led by gains in petrol and other light distillates.

Total stockpiles were up 0.3 per cent on the week to 30.218 million barrels as of 22nd June, after setting a record high of 30.71 million barrels on 1st June, according to data released on 24th June from the Fujairah Oil Industry Zone, FOIZ.

Light distillates rose 10 per cent to 8.244 million barrels, while both middle and heavy distillates declined.fujairah stockpiles are a clue to regional demand for refined products, with total inventories setting four record highs since early May as the global pandemic curbed the need for everything from gasoline to jet fuel and marine fuel.

As the authorities in the region began to ease restrictions on movements, light and middle distillates’ inventories have declined this month.

Natural gas is not covered in the inventories, but the heavy distillates category does include fuel for power generation.