UAE residents are watching closely as the fuel prices committee is set to announce petrol prices for June later this week. For many households, this has become a worrying monthly ritual — and this time, prices could rise for the fourth month in a row.
Why Prices Have Been Rising
Petrol prices in the UAE have gone up three months in a row, largely because of the rise in global oil prices. The main reason behind this increase is the closure of the Strait of Hormuz following the US-Israel-Iran conflict, which has reduced oil supply around the world and pushed crude prices above $100 a barrel.
In May, the average Brent crude closing price was around $106 a barrel, up from about $99 a barrel in April. This directly affects what UAE drivers pay at the pump. In May, Super 98 was priced at Dh3.66 per litre, Special 95 at Dh3.55, and E-Plus at Dh3.48 per litre.
Since February, petrol prices in the UAE have risen by about 50 per cent. Super 98 was just Dh2.45 per litre back then — it has gone up by Dh1.21 in just three months. Higher fuel costs affect everyone, from daily commuters to families planning their monthly budget. If you are looking for affordable dining options to balance rising costs, check out the best Food in Dubai for budget-friendly meals across the city.
Could Prices Drop If a Peace Deal Happens
There is some hope that oil prices may ease if the US and Iran move closer to a peace agreement. Rania Gule, senior market analyst at XS.com, said that any official deal between Washington and Tehran would bring Iranian oil back into global markets, increasing supply and reducing prices. She estimated that oil could drop between 4 and 8 per cent in the first phase after such an announcement.
For now, the UAE has not yet reached the record fuel prices seen in July 2022, when Super 98 hit Dh4.63 per litre after the Russia-Ukraine war. Residents in Al Ain and other emirates are advised to plan their spending carefully until the June announcement is made. If you need to manage your finances better, it helps to know where the Banks In Al Ain are located for easy access to banking services.
What Residents Should Do Now
Keep an eye on the official fuel prices announcement expected later this week. If the June prices go up again, try to reduce unnecessary trips, carpool where possible, and plan errands together to save fuel. For more local updates, guides, and news from across the UAE, visit everlist.ae and stay informed every day.
