Abu Dhabi – The United Arab Emirates (UAE) is preparing to revise its petrol prices for June 2024, aligning with recent trends in global oil markets. The anticipated decrease in fuel prices comes after a noticeable downward trend in international oil prices throughout May 2024.
Global Oil Price Trends
Recent Decrease in Brent Crude Prices
In May 2024, the average price of Brent crude oil dropped to $83.5 per barrel, a significant decrease from April’s average of $88.79 per barrel. This decline is attributed to higher crude supply and weaker demand, particularly in the Asia region. These global market dynamics are instrumental in shaping the local fuel prices in the UAE.
UAE’s Fuel Price Committee
Monthly Price Announcements
The UAE’s Fuel Price Committee is responsible for announcing the prices of petrol and diesel for the upcoming month on the last day of each month. This practice ensures that local fuel prices reflect the latest global oil market conditions, providing transparency and consistency for consumers.
Current Petrol Prices in UAE – May 2024
As of May 2024, the petrol prices in the UAE were at their highest in seven months. The prices for different fuel grades were as follows:
- Super 98: Dh3.34 per litre
- Special 95: Dh3.22 per litre
- E-Plus: Dh3.15 per litre
Breakdown of Current Prices
- Super 98: Priced at Dh3.34 per litre, this high-octane fuel is suitable for high-performance vehicles.
- Special 95: At Dh3.22 per litre, this fuel is commonly used in a wide range of cars and is a popular choice among consumers.
- E-Plus: Priced at Dh3.15 per litre, E-Plus is an economical option for vehicles requiring lower octane fuel.
Expected New Petrol Prices for June 2024
Anticipated Price Drop
Given the recent decrease in global oil prices, it is expected that the UAE government will lower petrol prices for June 2024. This move aims to provide financial relief to citizens and residents by reducing the cost of fuel.
Pending Official Announcement
The new petrol prices will be officially announced by the UAE’s Fuel Price Committee at the end of May. These updates will be promptly reflected here once the announcement is made.
Implications of the Price Revision
Economic Impact
A reduction in petrol prices can have a positive economic impact by lowering transportation costs and subsequently reducing the overall cost of goods and services. This can lead to increased consumer spending and economic activity.
Relief for Consumers
Lower fuel prices are particularly beneficial for households and businesses, providing much-needed financial relief amidst fluctuating global economic conditions. This adjustment will help manage living costs and support the local economy.
Strategic Adjustments
The UAE’s proactive approach to adjusting fuel prices in response to global market trends underscores its commitment to economic stability and consumer welfare. This strategy ensures that fuel prices remain fair and competitive, reflecting real-time changes in the oil market.
Conclusion
As the UAE prepares to announce the new petrol prices for June 2024, the anticipated decrease aligns with recent global oil price trends. This revision is expected to provide economic relief and support to both residents and businesses in the country. The forthcoming announcement by the UAE’s Fuel Price Committee will offer clarity and confirmation of the new rates, ensuring that consumers are well-informed and prepared for the changes ahead.