UAE cuts diesel prices two months after 70% hike
The UAE has lowered diesel prices for June, having raised them by more than 70 percent in April due to the impact of the Iran war.
Diesel prices fell 8 percent to AED4.33 ($1.18) per litre from AED4.69 in May, the UAE state-run Wam news agency reported.
Prices remained unchanged in May following the steep hike in April.
Gasoline prices increased nearly 8 percent compared to May.
The price of Super 98 rose to AED3.95 per litre from AED3.66 in May. Special 95 increased to AED3.83 from AED3.55, while E-plus 91 climbed to AED3.76 from AED3.48.
US crude futures (WTI) jumped 2.6 percent to $89.61 a barrel as of 03:00 GMT. Brent futures also gained 2.1 percent to reach $93.04 a barrel after Israeli forces advanced deeper into Lebanon despite a temporary truce announced with Hezbollah since April.
Fuel costs across the UAE were deregulated from August 2015 as the government adopted a new policy linked to global prices.
The energy and finance ministries serve as the government’s representatives on a committee that reviews fuel prices monthly.
Further reading:
- UAE raises fuel prices more than 30% due to Iran war
- Dubai powers EV drive with superfast charging stations
- Al Jaber says oil supply will take months to recover
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