The Ministry of Energy and Industry announced fuel prices for August. The prices include VAT.
The per-litre prices are Super 98 at Dh2.37, up from Dh2.30 last month and Special 95 at Dh2.26, a hike from Dh2.18 in July. Diesel price has been fixed at Dh2.42, an increase from Dh2.35 in July.
Oil rose as expectations that the Federal Reserve will cut interest rates and the resumption of trade talks between the US and China shored up the outlook for fuel demand.
Oil is still on track for a modest monthly decline as concerns about demand weakness overshadow the threat that political tensions in the Arabian Gulf will disrupt exports.
Fed Chair Jerome Powell's post-meeting press conference Wednesday will give clues to what's in store for the rest of the year, possibly determining the fate of many developing economies for the coming months.
- with inputs from Bloomberg