Petrol prices jump 56% this year
Petrol has risen since January to cross the Dh4 mark for the first time since August 2015
Petrol prices in the UAE have jumped over 56 per cent since January 2022 due to an increase in global crude oil prices, especially after the Russia-ukraine war in February.
On Tuesday, the UAE increased Super 98 petrol prices by over 13 per cent to Dh4.15 per litre for June as compared to Dh3.66 in May. While Special 95 price has been hiked by 13.5 per cent from Dh3.55 to Dh4.03, E-plus 91 will cost Dh3.96 per litre in June as against Dh3.48 last month, up by 13.8 per cent.
Diesel price for June has been set at Dh4.14 per litre, up from Dh4.08 in May.
Since the UAE implemented fuel price deregulation in August 2015, prices crossed the four dirham mark for the first time ever this month.
When compared to January 2022 prices when Super 98 was selling at Dh2.65 per litre, fuel prices in the country are up by over 56 per cent.
Oil prices surged earlier this week to trade at over $124 per barrel after the European Union decided to ban oil imports from Russia after the Ukraine war.
Naeem Aslam, chief market analyst at Ava Trade, said oil prices continue to trade high on the back of the EU embargo news on Russian oil.
“Supply is a major concern and due to the fact that the EU is prepared to move away from Russian oil, traders are concerned how the supply and demand equation will come to a level under which we could see oil prices below the $100 price level again. For now, it is clear that oil prices are likely to remain high for an extended period as Opec is in no mood to pump extra oil supply,” added Aslam.