The UAE’s fuel prices committee is due to announce petrol prices for June later this week, aligning them with worldwide rates. Petrol prices may rise for the fourth consecutive month, with crude oil remaining above $100 per barrel in May due to the closing of the Strait of Hormuz during the US-Israel-Iran war.
In the UAE, fuel prices increased for the third consecutive month in May, with Super 98, Special 95, and E-Plus retailing at Dh3.66, Dh3.55, and Dh3.48 per litre, respectively. Petrol prices have climbed by about 50% since February, when Super 98 was priced at Dh2.45 per litre, an increase of Dh1.21 per litre. Over the weekend, Brent and WTI finished at $103.5 and $96.6 a barrel, respectively.
The UAE experienced its highest-ever petrol costs in 2022, following the Russia-Ukraine war, when prices topped Dh4 per litre for the first time in the country. Petrol prices peaked in July 2022, with Super 98 at Dh4.63 per litre and Special 95 at Dh4.52 per litre.
Monthly petrol price changes in the UAE directly affect household finances. Because fuel is a recurring, necessary expense for most households, even minor monthly adjustments can up over time. When petrol prices rise, motorists may have to devote a greater share of their income to petrol.
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