The Ministry of Energy announced new fuel prices for June today (Sunday).
The per litre prices, which will come into effect from 1st June are:
- Dhs 1.96 for Super 98 which is down from Dhs 2.01 in May
- Dhs 1.85 for Special 95 which is down from Dhs 1.90
- Dhs 1.78 for E Plus-91 which is down from Dhs1.83
- Dhs1.90 for Diesel which is down from Dhs 1.97
Fuel prices are linked to international crude oil prices. Brent, the global benchmark is currently trading at $52.15 per barrel, whereas US crude West Texas Intermediate at $49.80 per barrel.
On Thursday oil prices plunged nearly 5% after the Organisation of the Petroleum Exporting Countries (Opec) and other major exporters extended their current deal to limit oil production for nine months.
Thirteen members of the Opec and eleven non-Opec members agreed to cut production by about 1.8 million barrels a day to support oil prices in December last year for six months. The agreement came into effect from 1st January. Opec agreed to slash output by 1.2 million barrels a day and non-Opec members led by Russia by 558,000 barrels a day.