The Ministry of Energy and Industry announced fuel prices for August. The prices include VAT.
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The per-litre prices are Super 98 at Dh2.37, up from Dh2.30 last month and Special 95 at Dh2.26, a hike from Dh2.18 in July. Diesel price has been fixed at Dh2.42, an increase from Dh2.35 in July.
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Oil rose as expectations that the Federal Reserve will cut interest rates and the resumption of trade talks between the US and China shored up the outlook for fuel demand.
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Oil is still on track for a modest monthly decline as concerns about demand weakness overshadow the threat that political tensions in the Arabian Gulf will disrupt exports.
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Fed Chair Jerome Powell’s post-meeting press conference Wednesday will give clues to what’s in store for the rest of the year, possibly determining the fate of many developing economies for the coming months.
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– with inputs from Bloomberg
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