The UAE on Sunday increased petrol prices by more than five percent for the month of June 2023. The reason for the increase in prices is the increase in global oil prices due to the reduction in production by oil-producing countries. In April, the UAE, Russia, Algeria, Kazakhstan and other GCC countries increased oil prices. announced a sudden cut in oil production of 1.64 million barrels per day to increase.

Latest Petrol Price in UAE 15th June 2023

The latest petrol price in UAE on 15th June 2023 is as follows:

• Super 98 – AED 2.95 per litre
• Special 95 – AED 2.84 per litre
• E-Plus 91 – AED 2.76 per litre
• Diesel – AED 2.68 per litre

These prices are effective from 1st June 2023 and are set by the UAE Fuel Price Committee. The prices are reviewed on a monthly basis and may be adjusted up or down depending on global oil prices.

For May 2023, the price of Super 98 petrol will be 3.16 dirhams per litre, which was 3.01 dirhams in April. Similarly, the price of Special 95 petrol has been increased from 2.90 dirhams to 3.05 dirhams per liter and the price of E Plus has been increased from 2.82 to 2.97 dirhams per litre.

The revised rates for the month of May are the highest in 2023. Due to increase in prices, the cost of transportation will increase and people will use public transport more. On the other hand, diesel prices have been reduced by 12 fils per liter for the month of May, after which it will be priced at 2.91 dirhams per litre.

The UAE has deregulated fuel prices since 2015 and aligned them with global oil prices. Hence the rates are revised at the end of every month in line with global prices to reduce the burden on local fuel retailers. Petrol prices peaked in the middle of last year when global oil prices crossed 4.5 dirhams per liter following the Ukraine-Russia war. Local petrol prices, despite reaching their highest levels this year, are still much cheaper than the global average of Dh4.87 as of April 24.