The UAE announces Petrol prices for June 2024 .. Details

Muhammed Farghaly - | Arab News

The United Arab Emirates is going to announce the fuel prices for the month of June. Here are several reasons why petrol prices are expected to decrease

After generally declining worldwide oil prices in May compared to the previous month, fuel prices in the UAE are predicted to decline in June.

In May 2024, Brent averaged $83.35 a barrel globally, down from last month's average of $88.79. It primarily moved between $82 and $83 per barrel. Because of the plentiful supply of crude and the declining demand in Asia, prices were restrained.

UAE announces Petrol prices for June 2024

As part of the deregulation program, the Fuel Price Committee in the United Arab Emirates reviews retail gasoline prices on the final day of each month to bring them into compliance with the price of crude oil globally.

May saw an increase in petrol prices for the fourth straight month as a result of Middle East geopolitical unrest driving up worldwide costs. May sales figures for Super 98, Special 95, and E-Plus were Dh3.34, Dh3.22, and Dh3.15 per liter, respectively. In the previous seven months, these were the highest costs.

According to Century Financial's chief investment officer, Vijay Valecha, oil prices have risen this year as a result of Middle East tensions and production curbs by Opec and its allies. However, since early April, prices have fallen due to plentiful supply outside of Opec and declining demand in Asia. He stated, "Opec+ is scheduled to convene virtually on Sunday and is anticipated to extend its limitations until the latter part of 2024."

Senior economist at Swissquote Bank Ipek Ozkardeskaya stated that the tight geopolitical environment, along with growing US demand throughout the summer and Opec's cautious outlook, are conducive to additional rises.

"China is also making significant expenditures to sustain its faltering real estate sector, which helps to keep oil and commodity prices high. Although the outlook for oil is positive, a significant danger to a recovery above the $80pb level is a potentially weakening reflation trade. The forecast for oil demand might be severely damaged if central banks hold off on their rate-cutting plans until the summer, which would restrict recovery, according to Ozkardeskaya.

Month Super 98 (in AED) Special 95 (in AED) E-Plus 91 (in AED)
January 2023 2.78 2.67 2.59
February 3.05 2.93 2.86
March 3.09 2.97 2.90
April 3.01 2.90 2.82
May 3.16 3.05 2.97
June 2.95 2.84 2.76
July 3.00 2.89 2.81
August 3.14 3.02 2.95
September 3.42 3.31 3.23
October 3.44 3.33 3.26
November 3.03 2.92 2.85
December 2.96 2.85 2.77
January 2024 2.82 2.71 2.64
February 2.88 2.76 2.69
March 3.03 2.92 2.85
April 3.15 3.03 2.96
May 3.34 3.22 3.15

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Muhammed Farghaly
Muhammed Farghaly
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