UAE increases fuel prices, a litre now costs over Dhs4
The UAE energy ministry significantly raised the prices of petrol and diesel for the month of June, taking effect on June. 1
As the prices of all types of fuel exceeded the Dhs3 for the first time in the history of the UAE.
These prices include a value-added tax of 5 per cent.
The June’s new price of a litre of Super 98 petrol has risen to Dhs4.15 compared to Dhs3.66 in May 2022.
The price of a litre of Special 95 petrol has risen to Dhs4.03 compared to Dhs3.55 in May 2022.
The litre of E-Plus 91 has risen to Dhs3.96, compared to Dhs3.48 in May 2022.
On the other hand, some Opec members are considering the idea of suspending Russia in an oil production deal as Western sanctions hurt the nation's ability to produce more, citing Opec delegates.
Exempting Russia could pave the way for Saudi Arabia, the UAE and other Opec members to produce more to meet the production targets.
Oil prices have soared to above $100 a barrel since the Russian invasion of Ukraine and countries including the United States have urged a hike in production to bring prices down.
The price of Opec basket of thirteen crudes stood at $120.01 a barrel on Monday, 30th May, compared with $118.84 the previous Friday, according to Opec Secretariat calculations.
The Opec Reference Basket of Crudes is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).