Fuel prices in UAE hiked for June
The Ministry of Energy hiked fuel prices further for the month of June. The new per litre prices are Super 98-Dh1.86, up from Dh1.78 in May, Special 95Dh1.75, up from Dh1.67, and E Plus91-Dh1.68, up from Dh1.60. The diesel price has been increased from Dh1.60 in May to Dh1.77 for June.
The new prices were announced as global oil prices recover due to rise in demand and disruptions in supplies specially from Nigeria. Brent, the global benchmark, was trading at around $50 per barrel, the highest since November.
In a land mark decision in July last year, the Ministry of Energy liberalised fuel prices and new pricing policy linked to global prices was implemented. A fuel price committee headed by the Under Secretary of the Ministry of Energy was constituted to determine fuel prices every month. Other members of the committee include officials from the distribution companies and the Ministry of Finance. The prices are based on the average global prices for diesel and petrol with the addition of operating costs and profit margins of the distributing companies. The new fuel prices will come into effect from June 1.