Fuel prices in UAE hiked for June

The Pak Banker - - MARKETS/SPORTS -

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.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.