The UAE is gearing up to announce the latest adjustments to petrol prices for June in the coming days, following a notable decline in costs for motorists after four consecutive months of increases earlier this year.
Petrol prices in the UAE
The UAE is set to announce the latest adjustments to petrol prices for June in the coming days, following a notable decline in costs for motorists after four consecutive months of increases earlier this year.
Since January 2024, petrol prices in the UAE have seen a consistent upward trend month-over-month, with diesel costs fluctuating alongside. The reduction in June marks a significant shift, providing relief to drivers who have been facing escalating fuel expenses.
At the beginning of the year, the E-Plus 91 was priced at AED2.64 per liter, while diesel was set at AED3 per liter. Despite the recent decrease, the current price of the E-Plus 91 stands at AED2.95 per liter, reflecting an overall increase compared to the start of 2024. Similarly, Special 95 and Super 98 have also seen price hikes since January, rising from AED2.71 to AED3.02 per liter and AED2.82 to AED3.14 per liter, respectively.
June 2024 prices
Effective June 1st, motorists across the UAE are now encountering adjusted fuel prices: Super 98 is priced at AED3.14 per liter, down from AED3.34 in May; Special 95 costs AED3.02 per liter, decreased from AED3.22 in May; Diesel is priced at AED2.88 per liter, reduced from AED3.07 in May; and E-Plus 91 is set at AED2.95 per liter, down from AED3.15 in May.
During the COVID-19 pandemic in 2020, petrol prices in the UAE were frozen by the Fuel Price Committee as a measure to stabilize the market amidst economic uncertainties. However, the control measures were lifted in March 2021, allowing market dynamics and global oil prices to dictate petrol prices once more.
Global Influence on Fuel Prices
The fluctuation in petrol prices remains closely tied to global crude oil price movements, which continue to impact the cost of fuel not only in the UAE but also worldwide. This interdependence highlights the vulnerability of gasoline prices to global economic shifts and geopolitical events affecting oil markets.
The adjustment in petrol prices for June reflects ongoing efforts to balance economic considerations for motorists and the broader energy sector. These adjustments aim to respond to market conditions while managing the impact on consumer budgets and economic stability.
As the UAE moves forward with its monthly petrol price adjustments, motorists and stakeholders will continue to monitor market developments closely, anticipating how global factors and domestic policies will influence future petrol price movements. This transparency in pricing adjustments underscores the UAE's commitment to maintaining a responsive and resilient energy sector that supports both economic growth and consumer affordability.
