The UAE Fuel Price Committee is expected to announce June fuel prices later this week, with petrol likely to increase for a fourth consecutive month following sustained high global oil prices.
Crude oil remained above $100 a barrel in May, driven by supply concerns linked to tensions and disruption fears around the Strait of Hormuz following the US–Israel–Iran conflict. Brent averaged around $106 a barrel in May, compared to $99 in April, while recent weekend closes saw Brent at $103.5 and WTI at $96.6.
In May, UAE petrol prices rose for a third straight month, with Super 98 at Dh3.66 per litre, Special 95 at Dh3.55, and E-Plus at Dh3.48. Prices have increased by about 50 per cent since February, when Super 98 was Dh2.45 per litre.
The UAE previously saw record fuel prices in 2022 during the Russia–Ukraine war, when Super 98 peaked at Dh4.63 per litre.
Analysts say prices could ease if progress is made in US–Iran negotiations. Rania Gule of XS.com noted that a potential deal could bring Iranian supply back to markets, lowering geopolitical risk and pushing oil prices down by 4 to 8 per cent in the initial phase.