In May, oil prices stayed low because of ample crude supply and reduced demand in Asia.
Fuel prices in the UAE for June are anticipated to decrease following a trend of predominantly lower global oil prices in May compared to the previous month. Throughout May 2024, the global benchmark Brent mostly hovered between $82 and $83 per barrel, averaging $83.35, contrasting with the average of $88.79 from the preceding month. This decline was attributed to ample crude supply and reduced demand in Asia, resulting in subdued prices.
The Fuel Price Committee in the UAE adjusts retail petrol prices monthly to align with global crude prices as per the deregulation policy. May saw petrol prices increase for the fourth consecutive month, driven by geopolitical tension in the Middle East, leading to higher global rates. Super 98 was priced at Dh3.34 per litre, Special 95 at Dh3.22 per litre, and E-Plus at Dh3.15 per litre, marking the highest prices in the last 7 months.
Oil prices rose due to Middle East tensions and OPEC+ output cuts, but softened in April due to non-OPEC supply and weak Asian demand. OPEC+ likely to extend cuts. Geopolitical tensions, US summer demand, and China's market support suggest further gains, but central banks' reflation policies pose a risk to prices above $80pb.
| Month | Super 98 (in AED) | Special 95 (in AED) | E-Plus 91 (in AED) |
| January 2023 | 2.78 | 2.67 | 2.59 |
| February | 3.05 | 2.93 | 2.86 |
| March | 3.09 | 2.97 | 2.90 |
| April | 3.01 | 2.90 | 2.82 |
| May | 3.16 | 3.05 | 2.97 |
| June | 2.95 | 2.84 | 2.76 |
| July | 3.00 | 2.89 | 2.81 |
| August | 3.14 | 3.02 | 2.95 |
| September | 3.42 | 3.31 | 3.23 |
| October | 3.44 | 3.33 | 3.26 |
| November | 3.03 | 2.92 | 2.85 |
| December | 2.96 | 2.85 | 2.77 |
| January 2024 | 2.82 | 2.71 | 2.64 |
| February | 2.88 | 2.76 | 2.69 |
| March | 3.03 | 2.92 | 2.85 |
| April | 3.15 | 3.03 | 2.96 |
| May | 3.34 | 3.22 | 3.15 |
News Source: Khaleej Times
