August 2024 sees rise in petrol prices in UAE

Get ready to dig a little deeper into your pockets next month as the UAE is set to see an increase in fuel prices for August 2024. If you’re a driver, this news is important for your budget planning as the cost of filling up your tank is set to rise.

Starting from August 1, 2024, the price of Super 98 will be bumped up to Dhs3.05 per litre from the previous Dhs2.99 per litre. Special 95 will also see an increase, going from Dhs2.88 in July to Dhs2.93 per litre in August. Diesel prices will not be exempt from the rise either, with the cost per litre set to go up to Dhs2.95 from Dhs2.89.

For those interested in how the prices have fluctuated throughout the year, here is a breakdown of the UAE fuel prices for Super 98 from January 2024 to August 2024:

– January: Dhs2.82
– February: Dhs2.88
– March: Dhs3.03
– April: Dhs3.15
– May: Dhs3.34
– June: Dhs3.14
– July: Dhs2.99
– August: Dhs3.05

It is important to note that all prices mentioned include the five per cent VAT. The Ministry of Energy in the UAE started setting fuel prices based on global averages in August 2015, moving away from the government subsidy model that shielded consumers from global petrol price fluctuations.

As drivers prepare to face the upcoming increase in fuel prices, it is crucial for them to factor in these changes into their monthly budgets. With the cost of living rising in many areas, including fuel prices, it’s essential to plan ahead and make adjustments where necessary to accommodate these changes.

For daily commuters and businesses that rely heavily on vehicles for transportation, these price hikes may have a noticeable impact on their expenses. Finding ways to reduce fuel consumption or exploring alternative modes of transportation might become more appealing as prices at the pump continue to rise.

As consumers brace for the upcoming changes at gas stations across the UAE, it’s crucial to understand the factors driving these price increases. Global economic conditions, geopolitical events, and supply and demand dynamics all play a role in determining fuel prices, making them subject to fluctuation.

In conclusion, the rise in fuel prices for August 2024 is a reminder for everyone to be mindful of their consumption and budget accordingly. By staying informed and planning ahead, individuals and businesses can navigate these changes more effectively and mitigate any potential financial impact. So, be prepared to shell out a bit more cash at the pump next month, and keep a close eye on future developments in the fuel market.