The United Arab Emirates Fuel Prices Committee on Friday reported a slight decrease of fuel prices for June 2024, which was welcomed by car drivers.
This adjustment is part of the country’s ongoing efforts to align domestic prices with global oil market trends.
The prices for each litre shall be set from June as follows:
- Super 98: Dhs 3.14, down from Dhs 3.34 in May.
- Special 95: Dhs 3.02, reduced from Dhs 3.22 in May.
- E-Plus 91: Dhs 2.95, down from Dhs 3.15 in May.
- Diesel: Dhs 2.88, reduced from Dhs 3.07 in May.
The slight decline in global oil prices, which have seen little increase of around 3 to 4 % since the last major price review in November, is reflected in this modest fall in fuel prices.
In view of the volatile worldwide oil market, this Decision seeks to give some financial relief to consumers.
In related news, members of the Opec+ group of oil-producing nations are expected to maintain current output cuts at their upcoming biannual meeting.
Given the ongoing geopolitical uncertainty, analysts expect that 22 energy ministers meeting via teleconference on June 2 will approach it cautiously.
In the meantime, the economic outlook for the United Arab Emirates continues to be positive. The real GDP growth of the United Arab Emirates is projected to accelerate to 3.9 percent in 2024, according to the World Bank’s Spring 2024 Gulf Economic Update.
A substantial increase in oil production announced by Opec+ for the latter half of this year, together with a broader recovery in global economy activity, is projected to contribute to that growth.
