The Fuel Price Follow-up Committee has approved an increase in gasoline and diesel prices for August 2024, with a rise ranging between 5 and 6 fils per liter compared to the prices in July 2024.
Fuel distribution companies announced the new prices, which will take effect from Thursday, August 1, 2024. The new pricing includes a 5% value-added tax.
The price of Super 98 gasoline increased by 6 fils from 2.99 dirhams in July to 3.05 dirhams in August. The price of Special 95 gasoline rose by 5 fils from 2.88 dirhams in July to 2.93 dirhams in August. The price of E-Plus 91 gasoline also went up by 6 fils from 2.80 dirhams in July to 2.86 dirhams in August. Similarly, the price of diesel increased by 6 fils per liter from 2.89 dirhams in July to 2.95 dirhams in August.
The committee had approved a reduction in gasoline prices for July 2024, with a decrease ranging between 14 and 15 fils, representing a drop of 5% to 5.4% compared to the prices in June 2024. It also approved a reduction in prices for June 2024 by 20 fils, and a decrease in diesel prices by 19 fils per liter, representing a drop of 6% to 6.35% compared to the prices in May 2024.
The fuel pricing standards, which are determined by the Ministry of Energy on a monthly basis, are based on the average global oil prices, whether rising or falling, after adding the operational costs for distribution companies.
The new rates will apply from 1st August and are as follows:
Super “98”: AED3.05 a litre.
Special “95”: AED2.93 a litre.
E-Plus “91”: AED2.86 a litre.
Diesel: AED2.95 a litre.
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