UAE: Petrol, diesel prices for August 2024 announced

The UAE announced the retail fuel prices for August 2024 on Wednesday, increasing the rates by as much as 0.06 fils per litre compared to the previous month.

From August 1, 2024, Super 98 petrol will cost Dhs3.05 a litre, down from Dhs2.99 a litre in July, while Special 95 will cost Dhs2.93 a litre, down from Dhs2.88 a month earlier.

Diesel will cost Dhs2.95 a litre in August compared to Dh2.89 the previous month, while the price of E-plus 91 rose to Dhs2.86 compared to Dhs2.80 the previous month.

The UAE has been revising retail petrol prices on the last day of the month ever since the government deregulated oil prices in August 2015 to bring them at par with the global rates.

The approved fuel prices by the Ministry of Energy, according to the average global price of oil, whether up or down, after adding the operating costs of distribution companies.

The fuel price committee slashed the retail rates for Super 98, Special 95, and E-Plus 91 by as much as 15 fils per litre in July.

Meanwhile, global oil prices rebounded on Wednesday by more than $1 a barrel from 7-week lows amid fears of an escalating conflict in the Middle East following the death of Hamas leader Ismail Haniyeh. However, the prices stayed under pressure from concerns about weak Chinese demand.

The ongoing Israel-Gaza conflict has spread to multiple fronts, raising investor concerns about the potential impact on crude output from the world’s largest oil-producing region.

Brent crude traded near $79.82 a barrel, up $1.19 or 1.51 per cent, as of 12:15 GST on July 30, while US West Texas Intermediate (WTI) crude futures rose by $1.33 or 1.78 per cent to $76.05 a barrel.

The Brent and WTI benchmarks are on track to post in July their biggest monthly loss since 2023 on lingering concerns about China’s demand outlook and expectations that OPEC+ will be sticking to their current deal to cut production and to start unwinding some cuts from October.

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