UAE hikes petrol prices for August

Petrol prices are up marginally in August while the cost of diesel has been reduced



Petrol prices in UAE have been increased marginally for the month of August, following a reduction in July.

The price for Super 98 has been increased by 0.4 per cent from Dhs2.56 per litre to Dhs2.57 a litre, while the per litre cost for Special 95 is also up 0.4 per cent to Dhs2.46 compared to Dhs2.45 in July.

Meanwhile the price per litre of diesel has been reduced by 1.1 per cent to Dhs2.63, down from Dhs2.66 in July.

All prices are inclusive of VAT.

The UAE’s fuel prices have been based on international oil rates since August 2015.

International crude oil prices have risen this year, and the UAE increased fuel prices in May and June before reducing them in July.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies agreed in June to boost oil supply even as prices reached a high of $80 per barrel this year.

US President Donald Trump has also urged producers to increase supply in order to offset a reduction from Iran, on which the US is imposing fresh sanctions.

Imports of Iranian crude oil by major buyers in Asia fell to a seven-month low in June.

According to a survey by Reuters, OPEC has pumped 32.64 million barrels per day in July, up 70,000 bpd from June’s revised level and the highest this year.