NEWS  

UAE petrol prices to rise in June for fourth month in a row

Motorists across the UAE will pay more at the pumps in June – the fourth consecutive month that prices have risen.

The Fuel Price Committee announced an increase of around 4 per cent for petrol and 6 per cent for diesel.

The breakdown per litre is as follows:

• Super 98: Dh2.38 – up from Dh2.30 in May

• Special 95: Dh2.27 – up from Dh2.18 in May

• Diesel: Dh2.30 – up from Dh2.17 in May

Petrol prices in the UAE were liberalised in August 2015 to allow them to move in line with the market.

However, they were held by the Fuel Price Committee last year, following the onset of the coronavirus pandemic. They then started to adjust again in March.

Oil prices ended last week more than 5 per cent higher, with global benchmark Brent edging up to settle at a two-year high.

Strong US economic data and expectations of a rebound in global energy demand outweighed concerns about more supply from Iran once sanctions are lifted.

Brent settled 0.2 per cent higher at $69.63 a barrel, its highest close since May 2019. US West Texas Intermediate crude was at $66.32.

“Boosted by good economic data and risk appetite among investors on the financial markets, Brent is making a renewed bid for the psychologically important $70 per barrel mark,” Commerzbank analyst Eugen Weinberg told Reuters.

“Concerns about demand because of the pandemic are giving way to optimism in view of the rapid return of consumers.”