UAE increases petrol prices for August

Fuel prices in the country were cut by 10 per cent in July

Petrol prices in the UAE have been increased by around 3 per cent in August, following a reduction in July, it was announced on Tuesday.

The per litre prices have been fixed at Dhs2.37 for Super 98, up 3 per cent from Dhs2.30 in July, and at Dhs2.26 for Special 95, an increase of over 3.6 per cent compared to Dhs2.18 in the previous month.

The price of diesel has been hiked by 2.9 per cent to Dhs2.42 per litre from to Dhs2.35 a litre in July.

The UAE links fuel prices to movements in international oil rates, which have seen high volatility in recent months, mainly due to political uncertainties.

Fuel prices in the country faced hikes for fourth consecutive months until rates were cut by 10 per cent in July.

Oil prices have been rising this week on expectations that the US Federal Reserve will cut interest rates for the first time in more than 10 years – which in turn is hoped to support fuel consumption in the country.