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Sun 29 May 2016 04:34 PM

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UAE fuel prices to increase on June 1

New petrol and diesel rates announced by Ministry of Energy

UAE fuel prices to increase on June 1
(Nasser Younes/AFP/Getty Images)

Fuel prices in the UAE will go up from June 1, revealed the Ministry of Energy.

Special 95 will cost AED1.75 per litre, which is an increase of 4.8 percent.

Super 98 will cost AED1.8 per litre, up 4.4 percent. And E Plus91 has been increased by 5 percent to AED1.68.

A litre of diesel will cost AED1.77 in June, up 10.6 per cent.

The new prices were announced as global oil prices recover due to rise in demand and disruptions in supplies specially from Nigeria, reported Gulf News.

Brent, the global benchmark, was trading at about $50 per barrel, the highest since November.

In a land mark decision in July last year, the Ministry of Energy liberalised fuel prices and new pricing policy linked to global prices was implemented.

A fuel price committee headed by the Under Secretary of the Ministry of Energy was constituted to determine fuel prices every month.

Other members of the committee include officials from the distribution companies and the Ministry of Finance.

The prices are based on the average global prices for diesel and petrol with the addition of operating costs and profit margins of the distributing companies.

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