UAE increases petrol, diesel prices for August by up to 6.8%

The UAE’s Fuel Price Committee on Monday raised retail petrol and diesel prices for the month of August up to 6.8 per cent following an increase in global oil prices in July.

For the month of August, the Super 98 price has been increased by 4.6 per cent or 14 fils per litre to Dh3.14; the Special 95 price is hiked by 4.5 per cent or 13 fils per litre to Dh3.02; while E-Plus 91 will cost Dh2.95 per litre, up 4.5 per cent or 14 fils.

Diesel will cost Dh2.95 a litre in August 2023, up 6.8 per cent or 19 fils from July.

The prices have been revised upward for the second month on the trot.

Petrol prices are just shy of this year’s high in May when Super 98, Special 95 and E-Plus 91 were trading at Dh3.16, Dh3.05 and Dh2.97, respectively.

Globally, oil prices were trading at nearly a three-month high on Monday morning and set to record the biggest monthly gain in over a year on the back of expectations of Saudi Arabia extending voluntary output cuts into September, hence, tightening global crude supply.

In July, global oil prices increased by around $10, surpassing $80 a barrel. On Monday morning, WTI and Brent prices were steady, trading at $80.55 and $84.9 per barrel, respectively.

Analysts are bullish about the price, expecting WTI and Brent to move upward further in the short term after breaking the psychological level of $80 a barrel.

Oxford Economics earlier this month brought forward its forecast for the peak in world oil demand to 2027, sooner than its previous projection that anticipated demand starting to decline from the mid-2030s.

UAE retail fuel prices (Dirhams per litre)

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