UAE raises petrol prices for June 2021

The price of Super 98 petrol in the UAE has increased by 3.48 per cent to Dhs2.38 per litre, up from Dhs2.30 in the previous month.

Meanwhile, the price of Special 95 petrol has also increased just over 4 per cent to Dhs2.27 per litre, an increase of 9 fils over Dhs2.18 in May.

Diesel will cost Dhs2.30 a litre in June, an increase of of nearly 6 per cent from Dhs2.17 a litre in May.

The price of E-plus in June will be Dhs2.19 per litre.

Monthly Fuel Price Announcement: June fuel prices released by the #UAE Fuel Price Follow-up Committee. pic.twitter.com/Cq35tPhAp1

— Emarat (امارات) (@EmaratOfficial) May 30, 2021

This is the fourth consecutive month that fuel prices have increased within the country.

Read: UAE raises petrol prices for May 2021

For the first time in decades, oil companies aren’t rushing to increase production to chase rising oil prices as Brent crude approaches $70.

While it’s true that non-OPEC+ output is creeping back from the crash of 2020 – and the ultra-depressed levels of April and May last year – it’s far from a full recovery. Overall, non-OPEC+ output will grow this year by 620,000 barrels a day, less than half the 1.3 million barrels a day it fell in 2020.

The supply growth forecast through the rest of this year “comes nowhere close to matching” the expected increase in demand, according to the International Energy Agency.

With inputs from Bloomberg