On Wednesday (May 31), The UAE will declare the retail fuel prices for June to align them with the global rates.
Petrol prices crashed to the highest level in May 2023, after the prices increased by around five percent, as the oil prices bounced due to a surprise cut in output by the oil-producing countries in April.
In May 2023, Super98 petrol was priced at Dh3.16 a liter, up from Dh3.01 in April. Besides, the Special 95 petrol price was raised from Dh2.90 to Dh3.05 per liter, and E- Plus was increased to Dh2.97 a liter, up from Dh2.82.
On the other hand, Oil- producing group Opec +will meet again on June 4, and analysts predict a surprise decision by the producers. They expect that the group can declare output cuts once again, similar to what they reported in April, since it is a fact that oil prices jumped globally after the output cut in April.
As the UAE deregulated the petrol prices in 2015, any fluctuations in the global rates are directly adjusted in the local retail prices. In the UAE, prices hit an all-time high in July 2022; after the Ukraine- Russian crisis, prices reached Dh4.63 per liter.
Despite the local petrol prices striking this year’s highest level in May, they are still much cheaper than the global average. In the UAE, the average fuel price is Dh2.9 per liter compared to the worldwide average of Dh4.71 per liter as of May 22.
