Fuel Prices in UAE to Go UP in August

Fuel prices to go up in August.

Special 95 will cost Dh1.78 per liter in August as against Dh1.75 per litre in July. Similarly, Super 98 will cost Dh1.89 per litre next month, up from Dh1.86, and E Plus-91 will be at Dh1.71, up from Dh1.68 in July, the energy ministry said on its website.

Diesel prices too have been increased to Dh1. 88 per liter in August from Dh1.84 in July. New prices will come into effect from August 1.

This is an increase after three months of decrease in rates for fuel prices after the Ministry of Energy slashed prices In April, June and July. This measure was in line with international crude oil prices which have been fluctuating due to supply, demand equation.

International crude oil prices plunged nearly 10 percent this year since Opec (Organisation of the Petroleum Exporting Countries) and other major exporters extended their agreement to limit oil production for another nine months in May.

Global benchmark, Brent Crude is trading at $52.52 per barrel at 1:38 PM UAE time.