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UAE hikes petrol prices for the fourth month in a row in June

UAE hikes petrol prices for the fourth month in a row in June

The UAE links fuel prices to movements in international oil rates

The UAE has once again hiked fuel prices for June, marking the fourth consecutive month when rates have risen.

The price per litre for Super 98 has been increased by 2 per cent to Dhs2.53, compared to Dhs2.48 in May and while the price for Special 95 has been hiked by 3.4 per cent to Dhs2.42 from Dhs2.34.

The price of diesel has been marginally hiked to Dhs2.56, up 1.1 per cent from Dhs2.53 per litre in May.

All rates are inclusive of VAT.

The UAE links fuel prices to movements in international oil rates, which have seen high volatility in recent weeks, mainly due to political uncertainties.

The Organization of the Petroleum Exporting Countries (OPEC), Russia and other major producers, known as OPEC+, agreed to reduce output by 1.2 million barrels per day from January 1 for six months.

They are scheduled to meet in Vienna from June 25- 26 to discuss extending the pact, a move which could further impact prices.

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