UAE hikes June fuel prices

The United Arab Emirates’ energy ministry has announced an increase in fuel prices for the month of June.

This is the third consecutive month that prices have been hiked.

For June, the price per litre of Special 95 has gone up 4.8 per cent to Dhs 1.75 from Dhs 1.67 in May while Super 98 prices have gone up by 4.4 per cent to Dhs 1.86 from Dhs 1.78 in May. The cost per litre of E Plus91 has also been increased by 5 per cent to Dhs 1.68.

Meanwhile one litre of diesel will cost Dhs 1.77 in June, up 10.6 per cent from Dhs 1.60 in May.

Since introducing the new fuel pricing system linked to global rates in July 2015, the UAE has mainly reduced prices in line with falling oil prices.

There were seven consecutive months of petrol price declines before April 2016.

Oil prices have now begun to post a recovery with Brent crude also touching $50 per barrel for the first this year on Thursday.

Read more: Oil hits $50 for the first time in 2016

Prices rose due to supply disruptions and a decline in crude inventories in the United States.

The new milestone represents an almost doubling of prices since 12-year lows in January and a return to levels seen in November last year.