Tomorrow, July 31, the UAE's Fuel Price Committee will update retail petrol and diesel prices to reflect the global prices for August.

The price of oil has risen in recent weeks after oil-producing countries announced they would cut production by more than 1.6 million barrels a day through the end of the year.

Additionally, the strong performance of the US economy in the second quarter and encouraging signs regarding the European economy have given investors confidence that the global economy will not slip into recession, which in turn has pushed oil prices higher.

In the past five weeks, crude oil prices have risen above $80 a barrel. The WTI ended the week at $80.58 and Brent at $84.99 a barrel, gaining around $10 in the past month.

Having deregulated retail petrol prices in August 2015, the UAE now aligns petrol and diesel prices on the last day of each month with global rates.

For the month of July, the UAE Fuel Price Committee raised prices by five fils per litre. The Super 98, Special 95 and E-Plus 91 were selling for Dh3, Dh2.89 and Dh2.81 per litre, respectively.