UAE fuel prices have dropped for the first time since February, providing relief to motorists after rates spiked by as much as 15% in July.

The country’s fuel price committee announced prices for the month of August, which are AED3.92 ($1.07) per litre for Super 95, AED 4.03 for Super 98 and AED 4.14 for diesel.

The prices were reduced, despite global oil prices remaining high, down from AED 4.52, AED 4.63 and AED 4.76 in July.

Petrol prices, which were deregulated in 2015, had been rising every month since February and reached their highest level in July.

At their peak, prices were well over double their most recent low, which was in January 2021, impacting businesses and residents, with more than half of UAE consumers saying in May that they were considering acquiring a hybrid or electric vehicle.

Prices rose steadily throughout 2021, falling marginally between November 2021 and January 2022, before they started rising again under inflationary pressure and high oil prices, amplified by the war in Ukraine.

(Reporting by Imogen Lillywhite; editing by Cleofe Maceda)