The UAE will announce its retail fuel prices for the month of August on Sunday as part of its policy announced in 2015 to deregulate prices to bring them in line with global rates.

The UAE’s oil price committee usually announces prices in the last week of every month. But during the last two months, the prices were revised upward on the last day of each month.

Fuel prices in the country have been raised for the last two consecutive months due to a surge in global oil prices. Since January 2022, the prices have risen by over 74 per cent since January 2022, mainly due to Russia-Ukraine military crisis.

Prices in the UAE crossed Dh4 per litre for the first time in the country in June 2022. In July, retail fuel prices reached an all-time in the UAE when Super 98 was priced at Dh4.63 per litre.

Globally, oil prices have been mostly staying above $100 per barrel this year, especially after the Russia-Ukraine war in February.

Fuel prices in GCC

According to globalpetrolprices.com, oil prices in the UAE are the highest in the Gulf Cooperation Council (GCC) region, but they’re still lower than the global average.

It said fuel price in the UAE costs Dh4.52 per litre as compared to the Dh5.18 average price of petrol around the world per litre. Moreover, as of July 25th, fuel price cost is the lowest in Kuwait at Dh1.255 per litre, followed by Bahrain (Dh1.949 per litre), Qatar (Dh2.119 per litre), Saudi Arabia (Dh2.277 per litre) and Oman (Dh2.280 per litre).

Fuel price in Hong Kong is the highest at Dh10.945 per litre, followed by Iceland (Dh9.016), Israel (Dh8.837), Norway (Dh8.791) and Barbados (Dh8.59).

Waheed Abbas