The price of US petrol has reached $5 a gallon (AED18.4) in a historic first as fuel costs continue to surge.
Data from the American Automobile Association (AAA) showed the national average price for regular unleaded petrol rose to $5 a gallon on June 11, up from $4.986 a day earlier, according to news agency Reuters.
US President Joe Biden has taken measures to try to lower prices, including a record release of barrels from US strategic reserves and waivers on rules for producing summer petrol.
The US has also spoken to major OPEC countries about boosting output. However, fuel prices have been surging around the world due to a combination of rebounding demand, sanctions on oil producer Russia after its attack on Ukraine and a squeeze on refining capacity.
Economists expect demand may start to decline if prices remain above $5 a barrel for a sustained period, reported Reuters.
The US petrol average is still around 8 percent below its June 2008 highs of $5.41 a gallon, according to US Energy Department figures. However, this price has been adjusted for inflation and never physically reached that level.
As of Thursday, the price of the OPEC basket of 13 crudes stood at $123.21 a barrel, according to OPEC Secretariat calculations.
Petrol prices in the UAE have progressively risen from February this year, while global oil prices have stayed above $100 a barrel for most of 2022.
Earlier this month, the UAE announced that it was raising the price of fuel.
The cost of Super 98 petrol has increased to AED4.15 a litre, up from AED3.66 a litre in May, and Special 95 increased to AED4.03 a litre, up from AED3.55 in May.
In response, many UAE residents are considering switching away from petrol and diesel-run vehicles at higher rates than previously recorded, a survey found last month.
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