UAE to announce petrol, diesel price for August with hike expected

Tomorrow, July 31, the UAE’s Fuel Price Committee will update retail petrol and diesel prices for the month of August to bring local prices into line with international rates.

After the oil-producing nations declared a reduction in production of more than 1.6 million barrels per day through the end of the year, global oil prices have risen in recent weeks.

Additionally, the US economy’s outstanding performance in the second quarter and encouraging developments in the European economy have given investors hope that the world economy will avoid a recession, which has led to an increase in oil prices.

Over the past five weeks, crude prices have risen steadily and have surpassed $80 per barrel. WTI and Brent concluded the week at $80.58 and $84.99, respectively, each up about $10 over the previous month.

Since August 2015, when retail petrol prices were deregulated, the UAE has updated its petrol and diesel prices on the final day of each month to reflect market pricing.

The UAE Fuel Price Committee increased rates for the month of July by five fils per litre. The price per liter for the Super 98, Special 95, and E-Plus 91 was Dh3, Dh2.89, and Dh2.81, respectively.

UAE retail fuel prices (Dirhams per litre)