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UAE petrol prices for June 2021 announced

Dubai - Compared to February’s Dh1.91, the price of Super 98 has gone up by 25.1 per cent.

Motorists across the UAE will have to pay more for fuel in June as petrol prices continued their unrelenting rally to record a 27.32 per cent surge since February this year.

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According to the new petrol and diesel prices announced on Sunday by the UAE fuel price committee, Super 98 petrol will cost Dh2.38 per litre from June, up from Dh2.30 in the previous month, an increase of 8 fils. Compared to February’s Dh1.91, the price of Super 98 has gone up by 25.1 per cent.

In June, Special 95 petrol will cost Dh2.27 per litre, an increase of 9 fils over Dh2.18 in May — a 26.1 per cent jump compared to February’s price of Dh1.80.

The price of E-Plus will also increase by 8 fils a litre and is priced at Dh2.19 a litre, compared to Dh2.11 in May, or up 27.32 per cent compared to February’s rate of Dh1.72.

Diesel will cost Dh2.30 a litre, up from Dh2.17 a litre in May, an increase of 13 fils, or up 14.42 per cent on the February price range of Dh2.01.

Until February 2021, fuel prices had been staying unchanged in the UAE for 11 consecutive months despite an increase in crude oil prices, which traded above $50 a barrel in January due to increase in economic activity in the world’s largest economy, the United States and some parts of Europe.

Oil prices this weekend ended up more than five per cent higher, with global benchmark Brent edging up on Friday to settle at a two-year high. The rise was supported by a strong economic situation in the US and hopes of a rebound in global demand. Data from Reuters showed that Brent settled 17 cents or 0.2 per cent, higher at $69.63 a barrel, its highest close since May 2019. US West Texas Intermediate crude settled down 53 cents a barrel, or 0.79 per cent at $66.32.

Experts have noted that concerns about demand due to the Covid-19 pandemic are giving way to optimism in view of the rapid return of consumers. They have also estimated that global oil demand will rebound closer to 100 million barrels per day in the third quarter of the year, boosted by summer travel in Europe and the US that have restarted in the wake of Covid-19 vaccination programmes. However, they warned that rising infection rates in Asia, especially India, will continue to put pressure on prices. Infections in the South Asia region surpassed 30 million on Friday, according to a Reuters tally.

Analysts are also waiting on details from the next Opec+ meeting that will either tip or maintain the current balance. Opec + is scheduled to meet in the next few days, led by Saudi Arabia and Russia, to discuss oil output increases, following a strict production quota earlier in the year, as well as the potential impact of an Iran nuclear deal on production levels. Opec+ is likely to stick to the existing pace of gradually easing oil supply curbs at a meeting.

issacjohn@khaleejtimes.com