UAE: The UAE on Sunday cut retail fuel prices by 62 fils per liter in August in line with international crude oil prices.
UAE Oil Price Committee cut Super 98 by 13 percent. The price was 4.63 per liter in July, which declined by 13 per cent to 4.03 per liter in August. The price of the Special 95 dropped by 13.27 per cent to Dh3.92. It was 4.52 earlier in the comparable period. The price of the E-lis 91 is AED 3.84. Earlier it was 4.44 dirhams. The decline is 13.5 per cent.
Similarly, diesel prices declined by 13 per cent to Dh4.14 per liter in August, as against Dh4.76 in July.
Oil prices in the United Arab Emirates reached their highest level in July since the government deregulated in 2015 after two consecutive months of price increases.
Global oil prices have soared above $100 a barrel this year since the Russia-Ukraine military crisis in February. But after a downturn, the price dropped below $100 in July. On July 5, oil prices had fallen by more than 10 percent. The US economy shrank 0.9 percent in the second quarter of April-June, fueling concerns that the world’s largest economy was heading into recession.
Energy markets and investors look forward to the OPEC+ meeting this week to see how crude oil prices will turn.
Vijay Valecha, Chief Investment Officer, Century Financial, said, “MOPEC+ production changes that have been taking place for years will be fully rolled back by the end of August. From September each OPEC+ member will be able to independently increase their production “