UAE to announce fuel prices for August: Will petrol rates rise?

[Editor's Note: The UAE has announced fuel rates for August. Click here to get the latest updates.]

Petrol prices in the UAE could see a jump in August as average global rates were higher in July compared to the previous month.

Globally, oil prices averaged around $84 a barrel in July compared to $82.6 a barrel in the previous month. Brent traded above $85 a barrel during the first half of the month but fell to $79.77 a barrel on Monday evening.

In July, oil prices started on a high note as prices surged above $87 a barrel in the first week before steadily easing to $81.56 on July 19. Crude prices hit their highest level since April on July 4 due to a decline in inventories in the US.

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In addition, prices also rose in July on the back of rising demand during the Northern Hemisphere’s summer driving season and worries about Middle Eastern conflict spreading and reducing global oil supplies.

The UAE’s Fuel Price Committee revises retail petrol prices at the end of every month to align with the global rates.

In July, the prices were reduced by around 14-15 fils a litre in the UAE, pricing Super 98, Special 95 and E-Plus 91 at Dh2.99, Dh2.88 and Dh2.80 a litre, respectively.

Many residents who travel long distances for their official work as well as freight and logistics companies look forward to petrol and diesel rates as they directly impact them.

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