UAE hikes petrol prices for August 2021

The UAE has hiked petrol prices in the country for August – marking the sixth consecutive month of increasing prices.

The price of Super 98 petrol in the UAE has increased to Dhs2.58 per litre, up from Dhs2.47 in July, while the price of Special 95 petrol has been hiked to Dhs2.47 per litre compared to Dhs2.35 last month.

Fuel prices for the month of August 2021.#UAE_BARQ_EN pic.twitter.com/p5K8uPo50p

— UAE BARQ (@UAE_BARQ_EN) July 29, 2021

The UAE fuel price committee also announced an increase in the price of diesel to Dhs2.45 a litre, up from Dhs2.42 last month.

Oil extended gains from a two-week high after US crude and fuel stockpiles posted strong declines, signaling peak summer demand remains robust despite a resurgence of Covid-19.

Oil has whipsawed throughout July and is set for only the second monthly loss since October after the virus comeback coincided with an OPEC+ agreement to boost output from August. The fast-spreading delta variant has led to renewed restrictions in some regions and raised concerns about short-term demand, although there are expectations the market will continue to tighten.

With inputs from Bloomberg