UAE petrol prices to rise again in June

The increase follows a more than 10 per cent rise in May

Petrol prices will dip slightly in October across the UAE. AP

The cost of filling up at petrol pumps across the UAE is to increase for the fourth month in a row in June.

The fuel price committee has announced an increase of more than 3 per cent for motorists using Special 95.

Here is the breakdown of the prices per litre:

• Super 98: up 5 fils to Dh2.53 (2 per cent rise)

• Special 95: up 8 fils to Dh2.42 (3.4 per cent rise)

• Diesel: up 3 fils to Dh2.56 (1.2 per cent rise)

Fuel prices in the UAE were liberalised in August 2015 to adjust as per the market.

Drivers across the Emirates have faced continual rises in the cost of petrol this year amid rising global oil prices.

For May, the cost at the pumps jumped 11 per cent for Super 98 and Special 95. This followed an almost 10 per cent rise in April, and motorists paid 4 per cent more in March than February.

Motorists started 2019 with a substantial drop in prices when the cost of Special 95 fell below Dh2 a litre for the first time in more than a year.

Since then global oil prices have surged amid Opec production cuts and political tension involving oil producing nations. Output cuts by Opec and its allies expire at the end of June, and the group's next meeting is scheduled to take place on June 25-26 at the group's headquarters in Vienna.

However, a trade conflict between the United States and China - the world's two biggest economies - have kept prices in check this month as fears grow over slowing global growth.

Brent for July settlement was down 0.8 per cent to $69.56 a barrel this morning after closing unchanged on Tuesday. West Texas Intermediate fell 68 cents, or 1.2 per cent, to $58.46 a barrel in New York after closing 0.9 per cent higher on Tuesday.

“The rebound we saw earlier this week was never likely to gain too much momentum with so much concern about this trade war escalating further,” Daniel Hynes, a senior commodity strategist at Australia & New Zealand Banking Group in Sydney, told Bloomberg.

“We have the Opec meeting not that far away so anything coming out of Saudi Arabia will be closely followed.”