An official UAE petrol price update is due within days, and drivers across the country are watching closely. The monthly fuel price announcement reflects global oil market trends and is expected before the end of May.
In May, Super 98 petrol was priced at Dh2.58 per litre. Special 95 stood at Dh2.47, and E-Plus was Dh2.39. Meanwhile, diesel prices fell to Dh2.52, down from Dh2.63 in April.
Since 2015, the UAE has followed a deregulated pricing system. The government adjusts rates monthly to match global oil movements. This system allows local consumers to benefit from global price dips and prepare for hikes.
At present, global oil prices are showing mixed signals. Brent crude, the international benchmark, recently rose above $65 per barrel. This came after a delay in US tariffs on the European Union, pushing markets slightly higher.
However, broader trends suggest oil prices have been declining since January. Several global factors are contributing to this downturn.
Ongoing trade tensions between the US and its partners are dampening economic optimism. These disputes have caused uncertainty in oil demand.
Simultaneously, OPEC+ members are preparing to raise oil production. Increased supply without matching demand could keep prices low.
Another factor in play is the potential return of Iranian oil. Talks between the US and Iran have resumed. If successful, a deal could add more oil to an already saturated market.
All eyes are now on the upcoming OPEC+ meeting. Scheduled for Sunday, it will determine if producers continue increasing supply in July. If they approve a new boost, prices could remain weak.
For UAE motorists, this situation matters. If global prices stay low, the UAE petrol price update for June could bring a price cut.
But if OPEC+ surprises the market by pausing supply growth, prices might climb slightly. Still, such a scenario looks unlikely based on current trends.
In conclusion, the latest UAE petrol price update suggests stability or a small decrease in rates for June. Local drivers may enjoy slight relief at the pump unless global conditions shift unexpectedly in the final days of May.
