Petrol prices in UAE to rise in August

Fuel prices in the UAE have been hiked for August, following two consecutive months of decline, the Ministry of Energy announced on Sunday.

The per litre cost of Super 98 has been hiked by 1.6 per cent to Dhs1.89 from Dhs1.86, while Special 95 prices are up 1.7 per cent to Dhs1.78 per litre, compared to Dhs1.75 in July.

The cost per litre of E Plus has been increased by 1.78 per cent to Dhs1.71 from Dhs1.68.

Diesel prices have also been hiked by 2 per cent with a litre set to cost Dhs1.88 in August, up from Dhs1.84 in July.

Fuel prices were reduced by just over 5 per cent in July, after another cut in June, following a dip in international oil prices.

However, last week, Brent crude prices crossed the $50 per barrel mark for the first time since early June after Saudi promised to reduce crude exports to help curb global oversupply and US shale oil producers showed signs of a slowdown.

Saudi energy minister Khalid al-Falih said the kingdom would limit its crude oil exports to 6.6 million barrels per day in August, almost one million bpd below levels a year ago.

He also said that members of Organisation of Petroleum Exporting Countries (OPEC) and other non-OPEC oil producers were committed to cut output longer than March 2018 if necessary, but would demand that non-compliant countries stick to the agreement.

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