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UAE fuel prices for June announced

The UAE has announced a slight increase in fuel prices during the month of June, according to the new petrol and diesel prices announced on Sunday by the UAE fuel price committee.

Super 98 petrol will cost Dhs2.38 per litre, up from Dhs2.30 the previous month, an increase of 8 fils. Special 95 petrol will cost Dhs2.27 per litre, an increase of 9 fils over Dhs2.18 in May. The cost of E-Plus will also increase by 8 fils a litre and is now priced at Dhs2.19 a litre, compared to Dhs2.11 the previous month. In addition, diesel will cost Dhs2.30 a litre, up from Dhs2.17 a litre in May, an increase of 13 fils.

Oil prices ended last week more than 5 per cent higher, with global benchmark Brent edging up to settle at a two-year high.

Strong US economic data and expectations of a rebound in global energy demand outweighed concerns about more supply from Iran once sanctions are lifted.

Brent settled 0.2 per cent higher at $69.63 a barrel, its highest close since May 2019. US West Texas Intermediate crude was at $66.32.

“Boosted by good economic data and risk appetite among investors on the financial markets, Brent is making a renewed bid for the psychologically important $70 per barrel mark,” Commerzbank analyst Eugen Weinberg told Reuters.

“Concerns about demand because of the pandemic are giving way to optimism in view of the rapid return of consumers.”

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