The Ministry of Energy and Industry announced fuel prices for August and the price includes VAT.
The per-litre prices are Super 98 at Dh2.57 (from Dh2.56 in July and Dh2.63 in June) and Special 95 at Dh2.46 (from Dh2.45 in July and Dh2.51 in June).
Diesel price has been fixed at Dh2.63 per litre (from Dh2.66 in July and Dh2.71 in June).
Brent crude led oil prices higher this past week, after Saudi Arabia suspended crude shipments through a strategic Red Sea shipping lane.
International crude oil prices have been rising for the past couple of months. We compiled a list of countries with the highest and lowest fuel prices in the world for June.
After the first production curb deal signed by Organisation of the Petroleum Exporting Countries (Opec), the member nations met in June and agreed to hike oil output without details on how much the hike would be by for each of the nations. However, oil-producing countries will now make sure that the production cut will not go below the earlier agreement of 1.2 million bpd (barrels per day).
Opec and allies including Russia had boosted oil production in July, offering relief to consumers after Saudi Arabia secured a last-minute deal to overcome Iran’s veto threat. “We have an agreement for a 'nominal' production increase of 1 million barrels a day", Saudi Energy Minister Khalid Al Falih told reporters in Vienna after the Opec meet in June.
*With inputs from agencies