The price of petrol in the UAE will decrease for the first time in five months starting August 1 due to a global oversupply of oil, according to the Ministry of Energy.
Costs of all grades of petrol will drop by 15 fils a litre, marking an average slump of 8.3 percent since July, while the price of diesel will drop by 9 fils.
Motorists in the UAE will pay AED 1.73 a litre for Super 98 as opposed to AED 1.88 this month, resulting in a 7.9 percent price decrease.
Motorists will pay AED 1.62 a litre for Special 95 as opposed to AED 1.77 and AED 1.55 a litre for EPlus 91 as opposed to AED 1.70, also marking a drop of 9.6 percent since July.
Diesel prices will decrease from AED 1.85 a litre to AED 1.76, marking a 4.8 percent fall during the same period.
The slump in prices is thought to be the result of a decline in oil prices and a global oversupply of oil.
On the other hand, petrol prices in Qatar will reportedly rise by AED 5 a litre in August, according to the Ministry of Energy and Industry.
Prices for 91-octane premium petrol will cost QR1.35 a litre compared to QR1.30 in July.
Super 95-octane gasoline will cost QR1.45 a litre as opposed to QR1.40 this month.
However, diesel prices will remain unchanged at QR1.40 a litre.
Qatari residents are currently paying between 40 and 52 percent more for fuel since the beginning of 2016 due to the country’s first budget deficit in 15 years.For all the latest retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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