The UAE government announced a significant reduction in taxi prices in one of the emirates in the country to 1.84 dirhams per kilometer.
Low taxi prices
The Emirate of Ajman in the UAE stated that taxi prices will be reduced starting this month, according to what the transport authorities announced about the price reduction.
Ajman in the United Arab Emirates directly decided to reduce taxi prices to 1.84 dirhams per kilometer for the month of June - recording a decrease of 4 fils from 1.88 dirhams per kilometer in May.
Reducing fuel prices in the UAE
It is worth noting that the UAE has announced a reduction in taxi prices in the Emirates, especially after the UAE authorities announced a reduction in fuel prices by 20 fils for the month of June.
According to the statement published by the UAE government, the new gasoline price is scheduled to be activated for the current month, “June,” as the price of Super 98 gasoline reaches 3.14 dirhams per liter. Special 95, 3.02 dirhams; And E-plus 91 is priced at 2.95 dirhams.
The committee for monitoring gasoline prices of all types approved the implementation of the new prices starting from June 1, 2024, as gasoline prices decreased by 20 fils per liter and diesel prices by 19 fils, compared to last May.
Movement of global oil prices
The announcement of fuel prices in the United Arab Emirates for the month of June 2024 coincides with the achievement of oil prices - derived from Brent crude oil - achieving great stability during the current month of May. The average prices for a barrel of oil have been hovering around 82 and 86 dollars, which is supported by the state of stability that has been created by the voluntary reduction in oil production.
During a time when efforts are still being made to contain geopolitical tensions, which have caused disruptions in navigation in the Red Sea and have had an impact on the movement of energy exports, the Kingdom of Saudi Arabia, Russia, and other members of the OPEC+ alliance are continuing their efforts to implement the voluntary reduction.
Average prices of oil and its derivatives around the world
Following a conference that was hosted by the Ministry of Energy and which discussed the average prices of oil and derivatives around the world, as well as other factors such as the operating cost of distribution companies and the amount of profit that was achieved, he mentioned that the committee that was responsible for determining the prices of petroleum derivatives had approved fuel prices in the Emirates for the month of June 2024.
Using a mechanism that is followed by the committee that is charged with performing periodic reviews and studies, the United Arab Emirates (UAE) sets the prices of fuel on a monthly basis. This is done with the intention of striking a balance between the prices of oil and its derivatives. This facilitates the maintenance of price levels within certain limits and ensures that the incomes of citizens and residents within the Gulf state are maintained.