The UAE fuel price committee has revealed the new petrol and diesel prices for August 2024. Starting from August 1, motorists will see slight increases in fuel costs.

UAE petrol & diesel prices

The updated rates are:

• Super 98 petrol: Dh3.05 per litre, up from Dh2.99 in July.
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• Special 95 petrol: Dh2.93 per litre, compared to Dh2.88 last month.
• E-Plus 91 petrol: Dh2.86 per litre, previously Dh2.80.
• Diesel: Dh2.95 per litre, an increase from Dh2.89.

These adjustments come amid significant fluctuations in global oil prices. On Tuesday, oil prices dipped to nearly two-month lows due to reduced geopolitical tensions in the Middle East, causing traders to lower the risk premium factored into prices.

This decline was reversed sharply on Wednesday, with prices rebounding from recent multi-week lows. The recovery was driven by industry data indicating a fifth consecutive week of substantial drawdowns in U.S. crude inventories, pointing to a tightening market in the world’s largest fuel consumer.

Market sentiment earlier in the week was cautious ahead of the Organization of Petroleum Exporting Countries (OPEC) meeting.

Although crude prices showed weakness, it’s expected that OPEC will likely not reduce production cuts, considering the current market conditions. Furthermore, key central bank meetings, including that of the Federal Reserve, have kept oil prices subdued.

Persistent concerns about slowing demand, particularly in China, the top importer, continue to weigh on the market.

As the UAE adjusts its fuel prices for August, both consumers and businesses will closely monitor these developments in the global oil market, which have a significant impact on the local economy and daily expenses.