The United Arab Emirates (UAE) has unveiled its retail fuel prices for August 2024, reflecting a slight increase compared to the previous month. Effective from August 1, 2024, Super 98 petrol will be priced at Dhs3.05 per litre, up from Dhs2.99 in July. Special 95 will now cost Dhs2.93 per litre, an increase from Dhs2.88 the previous month. E-plus 91 petrol will be priced at Dhs2.86, up from Dhs2.80 in July. Diesel will see a rise to Dhs2.95 per litre, compared to Dhs2.89 last month.
The UAE’s Ministry of Energy, which oversees the adjustment of fuel prices, bases these changes on the average global price of oil, incorporating operational costs for distribution companies. Since deregulating oil prices in August 2015, the government has consistently adjusted fuel rates at the end of each month to align with global market trends.
In July, the fuel price committee had reduced the rates for Super 98, Special 95, and E-Plus 91 by up to 15 fils per litre.
On the global front, oil prices rebounded on Wednesday, rising by more than $1 per barrel from seven-week lows. This surge follows concerns about a potential escalation in the Middle East conflict following the death of Hamas leader Ismail Haniyeh. Despite this, oil prices remain under pressure due to weak demand from China.
The Israel-Gaza conflict has intensified, with potential implications for crude oil production in the world’s largest oil-producing region. As of 12:15 GST on July 30, Brent crude traded at $79.82 per barrel, marking an increase of $1.19 or 1.51 percent. US West Texas Intermediate (WTI) crude futures rose by $1.33 or 1.78 percent to $76.05 per barrel.
Both Brent and WTI benchmarks are on track for their most significant monthly loss since 2023, driven by ongoing concerns about China’s demand and expectations that OPEC+ will maintain its current production cut agreements while beginning to unwind some cuts in October.
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