Analysts expect OPEC to surprise production cuts at its June 4 meeting, similar to those announced in April
The UAE will most likely announce retail fuel prices for June on Wednesday (May 31) to bring them in line with global prices.
petrol prices hit 2023 top level Prices rose more than 5% in May as oil prices rallied after unexpected output cuts by oil-producing countries in April.
May 2023Super 98 petrol was priced at Dh3.16 per liter, up from Dh3.01 in April; Special 95 petrol was raised to Dh3.05 per liter from Dh2.90; E-Plus was raised to Dh2 from Dh2.82 per liter .97.
Oil-producing group OPEC+ will meet again on June 4, and analysts expect surprise decisions from producers are more likely. They expect the group to announce production cuts again, similar to those announced in April. Globally, oil prices rose sharply after output cuts in April.
due to uae Deregulation of retail gasoline prices In 2015, any fluctuations in global exchange rates will directly affect local retail prices. In the UAE, prices reached an all-time high in July 2022 after the Ukraine-Russia crisis, reaching AED 4.63 per liter.
While local gasoline prices hit their highest level this year in May, they remain well below the global average. As of May 22, the average fuel price in the UAE was AED 2.9 per liter, compared with a global average of AED 4.71 per liter.
UAE Retail Fuel Prices (AED/L)
|moon||super 98||Special 95||E-plus|