Dubai: Fuel prices will go up from August 1 in the UAE, the ministry of energy said in a statement on Sunday.
Special 95 will cost Dh1.78 per litre 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-Dh1.71 per litre, 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 this year after the Ministry of Energy slashed prices In April, June and July in line with international crude oil prices.
Oil prices have been on an downward trend since the middle of 2014 on excess supplies in the market. In order to arrest the downfall in prices last year, the Opec (Organisation of the Petroleum Exporting Countries) and non-Opec members came together to limit supplies to prop up prices of oil, from which the countries derive majority of their revenues from.
The Opec and non-Opec supplies decided to cut output by 1.8 million barrels per day and most of the members have been harping on 100 per cent compliance after reports of lower than expected confirmity from Nigeria and Libya.
Opec and non-Opec members are meeting in Abu Dhabi next week again and compliance is their agenda. On Friday, Brent Crude closed at $52.52 per barrel, while the West Texas Intermediate closed 1.37 per cent higher at $49.79 per barrel.
