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Abu Dhabi, UAEWednesday 19 December 2018

UAE petrol prices jump again with drivers to pay more in June

Global oil prices have been rising this year

Drivers will pay more at the pumps around the UAE as of June 1, 2018. Reem Mohammed / The National
Drivers will pay more at the pumps around the UAE as of June 1, 2018. Reem Mohammed / The National

Drivers in the UAE will face another rise in the cost of petrol next month after fuel prices for June were announced.

Enoc revealed that the cost of Special 98, Special 95 and diesel will all rise by almost 6 per cent. This follows a similar increase at the start of May.

Here is the breakdown of prices including VAT:

Petrol prices will increase in June.
Petrol prices will increase in June.

Fuel prices were liberalised about two years ago, so prices now move with the market.

Oil prices have in the past month reached highs not seen since 2014 amid cuts in production and geopolitical tensions.

However, Saudi energy minister Khalid Al Falih said last week that Opec and its allies are likely to gradually boost oil output in the second half of the year, which should put the brakes on further price rises.

West Texas Intermediate crude decreased 1.8 per cent to $66.69 per barrel earlier on Monday – its lowest in almost six weeks and its fifth consecutive decline, according to Bloomberg.

Brent crude, meanwhile, fell 1.5 per cent to $75.32 per barrel, its lowest in almost three weeks.

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