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UAE fuel prices to decline in August

UAE fuel prices to decline in August

Prices increased the previous four months

United Arab Emirates fuel prices will drop for the first time in five months in August, due to declining global oil prices.

The country’s Ministry of Energy announced that all grades of petrol would reduce by 15 fils a litre from Monday, while diesel prices will decrease 9 fils.

The changes will see Super 98 drop from Dhs 1.88 in July to Dhs 1.73 in August, Special 95 from Dhs 1.77 to Dhs 1.62, EPlus 91 from Dhs 1.70 to Dhs 1.55 and diesel from Dhs 1.85 to Dhs 1.76.

This marks the end of four consecutive months of price increases.

Read: UAE fuel prices to increase again in July

The fortunes of international crude benchmark Brent have reversed in recent weeks, with prices dropping from year highs of more than $50 a barrel last month to around $43.

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