The UAE fuel price committee announced the petrol and diesel prices for the month of August 2024 on Wednesday. The rates will be applicable from August 1 onwards.

Super 98 petrol will cost AED3.05 a liter, compared to AED2.99 a liter in July, while Special 95 petrol will cost AED2.93 a liter, compared to AED2.88 the previous month.

E-Plus 91 petrol will cost AED2.86 a liter compared to AED2.80 a litre, while diesel will cost AED2.95, compared to AED2.89 a litre the previous month.

Petrol prices have increased in August after dropping in June and July. Oil prices fell to a near two-month low on Tuesday. This was due to a lack of immediate escalation in tensions in the Middle East, leading traders to price out a risk premium from the prices.

However, oil prices rose sharply on Wednesday, climbing back from recent multi-week lows. The gains came as industry data showed a fifth straight week of sizable drawdowns in U.S. crude inventories, a sign of a tightening market in the world’s largest fuel consumer.