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.
Fuel prices in the UAE since January this year. Image: UAE Ministry of Energy
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.
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