By Parag Deulgaonkar
Petrol prices drop by over two percent, diesel by 3.55%
Petrol prices in the UAE will decline for the second time this year in June, after the Ministry of Energy released new prices on Sunday.
On average, petrol prices will drop by over two percent in June compared to May.
The price for Super 98 will come down by 2.48 percent to AED19.6 from AED2.01; Special 95 will fall by 2.63 percent to AED1.85 from AED1.90, while E Plus 91 will decline by 2.73 percent to AED1.78 from AED1.83.
Diesel price will also become cheaper by 3.55 percent, falling from AED1.97 to AED1.90 per litre.
The new prices will come into effect from Thursday (June 1).
Fuel prices this year have declined only in April, but rose in the remaining four months (January, February, March and May).
Last Thursday, oil prices dropped five percent after the Organisation of the Petroleum Exporting Countries (OPEC) and other major exporters announced extension of their current deal to limit oil production for nine months.
As per the agreement, OPEC will cut output by 1.2 million barrels a day, while non-OPEC members will reduce output by 558,000 barrels per day.
The subsidy on petrol and diesel prices in the country were removed in July 2015.