Abu Dhabi, UAEThursday 24 September 2020

UAE petrol prices announced for June

Drivers will pay the same amount at the pumps as prices remain unchanged

Petrol prices have been announced for June in the UAE. Victor Besa / The National
Petrol prices have been announced for June in the UAE. Victor Besa / The National

The cost of filling up at the petrol pumps across the UAE will remain unchanged in June.

Roads in the Emirates are gradually becoming more busy as restrictions are eased and residents return to work.

Prices were flat in May after a 10 per cent decrease in April, which came as a relief to many amid a financial squeeze caused by pay cuts and job losses as the world economy grappled with the effects of the coronavirus pandemic.

Here is the breakdown of prices per litre:

Super 98: Dh1.91 (unchanged)

Special 95: Dh1.80 (unchanged)

Diesel: Dh2.06 (unchanged)

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

Oil prices have been volatile during the past couple of months as consumption fell significantly on the back of people staying at home and airlines being grounded around the world. In April, US crude fell into negative territory for the first time amid a supply glut.

The market has since rebalanced somewhat, amid an Opec+ agreement to cut production and burgeoning hopes of a recovery in energy demand.

Both Brent and WTI have been trading around the $34 mark this week - a recovery of nearly 70 per cent for US oil since the beginning of May

While the UAE's petrol prices were held steady during May, Saudi Arabia announced a significant reduction.

Starting from May 11, the Kingdom slashed prices by almost 50 per cent to 0.67 riyals (Dh0.66) per litre for Gasoline 91 from 1.31 riyals per litre.

Saudi Aramco said the price adjustment was subject to change according to changes in export prices of crude oil from the Kingdom to global markets.

Updated: May 28, 2020 05:43 PM

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