Motorists in the United Arab Emirates can expect to pay less at the pump this June as the country’s Fuel Price Committee unveiled a decrease in petrol and diesel prices. The reduction comes after a month of relatively stable oil prices, with Brent crude averaging around $83. 5 a barrel in May, down from $88. 79 in April.
The biggest price drop is for Super 98 petrol, which will see a reduction of 20 fils per litre, bringing the new price down to Dh3. 14 from Dh3. 34. Special 95 petrol will also see a significant decrease of 20 fils per litre, with the new price set at Dh3. 02 per litre. E-Plus 91 petrol prices will fall by 20 fils per litre to Dh2. 95 per litre. Diesel prices will also see a welcome decline, dropping by 19 fils per litre to Dh2. 88 per litre.
The UAE’s fuel prices are typically adjusted monthly to reflect fluctuations in global oil prices. The announcement by the Fuel Price Committee comes as a relief to motorists who have been grappling with rising fuel costs in recent months. The decrease in pump prices is expected to provide some much-needed financial relief to households and businesses across the country.
While the lower fuel prices are positive news for consumers, it’s important to note that they can also impact the global oil market. The UAE is a major oil producer and exporter, and changes in its domestic fuel prices can have a ripple effect on international oil prices.
Looking ahead, the outlook for global oil prices remains uncertain. The ongoing conflict between Russia and Ukraine continues to disrupt supply chains and push energy prices higher. However, efforts by major oil producers to increase production and a potential slowdown in global economic growth could help to moderate prices in the coming months.
For UAE residents, the decrease in pump prices for June offers a bit of welcome respite from rising fuel costs. However, the global oil market remains volatile, and it is unclear how long this period of lower prices will last.
