UAE petrol prices to be cheaper in June

The Ministry of Energy on Sunday announced new fuel prices for June.

The per litre prices are Super 98 for Dh1.96, down from Dh2.01 in May; Special 95 for Dh1.85, down from Dh1.90; E Plus-91 for Dh1.78, reduced from Dh1.83.

Diesel price has been reduced to Dh1.90 per litre in June from Dh1.97 in May. The new prices will come into effect from June 1.

Fuel prices are linked to international crude oil prices. Brent, the global benchmark is currently trading at $52.15 per barrel, whereas US crude West Texas Intermediate at $49.80 per barrel.

Oil prices plunged nearly 5 percent on Thursday after the Organisation of the Petroleum Exporting Countries (Opec) and other major exporters extended their current deal to limit oil production for nine months.

Thirteen members of the Opec and eleven non-Opec members agreed to cut production by about 1.8 million barrels a day to support oil prices in December last year for six months. The agreement came into effect from January 1.

Opec agreed to slash output by 1.2 million barrels a day and non-Opec members led by Russia by 558,000 barrels a day.

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